UPDATE 3-Brent crude futures climb on Libyan unrest

                                
 * At least three firms halt output in Libya
                                
 * Gas pipeline and oil export terminals disrupted
                                
 * Concern other big producers could suffer supply outages
                                
 * Coming Up: January U.S. existing home sales data, API
                                
 
                                
 (Adds fresh analyst comments, prices, previous SINGAPORE)
                                
 By Zaida Espana
                                
 LONDON, Feb 23 (Reuters) - Brent crude futures rose on
Wednesday as Libya's ongoing turmoil fuelled fears the unrest
could spread to other oil producing nations and choke supplies.
                                
 Brent crude futures <LCOc1> were $1.30 up at $107.08 a
barrel by 1000 GMT, having hit a 2-1/2-year high of $108.70 on
Monday. U.S. crude futures <CLc1> firmed by 51 cents to $95.93 a
barrel by the same time, the highest level since October 2008.
                                
 Repsol, Eni and BASF's Wintershall have all halted
operations amid violent clashes in Libya, which pumps 1.6
million barrels per day (bpd), or nearly 2 percent of global
supply. [ID:nLDE71L11T]
                                
 The disruptions mark the first reduction in oil supply
stemming from a wave of protests that have swept through the
oil-producing Middle East and North Africa.
                                
 Investors fear for the potential impact on the flow of oil
from top exporter Saudi Arabia if it suffers similar unrest.
                                
 "In total, some 300,000 barrels per day is now offline," MF
Global analysts wrote in a note. "The numbers could rise as we
still do not have a clear idea how much oil is being impacted by
striking Libyan workers deep inside the country."
                                
 Commerzbank analyst Carsten Fritsch said Brent prices were
also supported after Saudi Arabia stopped short of announcing an
increase in production. [ID:nLDE71L1IF]
                                
 Saudi Arabian Oil Minister Ali al-Naimi said on Tuesday the
Organization of the Petroleum Exporting Countries led by Saudi
Arabia was always ready to pump more oil, but only when needed.
  <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
  Middle East unrest graphic      http://r.reuters.com/nym77r
  Analysis on long-term impact on Libyan oil: [ID:nL3E7DN0AI]
  Factbox on Libyan oil and gas:              [ID:nLDE71K0RV]
  Libyan oil map:                 http://r.reuters.com/jem28r
  Interactive factbox          http://link.reuters.com/puk87r
  Column on the Brent/WTI spread:             [ID:nLDE71K1FB]
  ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
                                
 
                                
 OIL SUPPLIES EYED, U.S. STOCKS AWAITED
                                
 Although protests in Saudi Arabia have so far been low key,
Shi'ites in neighbouring Bahrain are protesting against the
Sunni-led government, and there is concern this could spill over
to the Shi'ite minority living in Saudi Arabia's oil-producing
eastern province.
                                
 "The importance of Bahrain is perhaps being underplayed
currently. While not a major oil producer, Bahrain's impact on
the oil market reverberates through its importance in Saudi
Arabia," said Barclays Capital analysts Helima Croft and Amrita
Sen in a research note.
                                
 Libya's unrest has also affected natural gas supplies, with
supplies to Italy on the Greenstream pipeline suspended. Libyan
leader Muammar Gaddafi has refused to step aside despite the
growing revolt and threatened tougher action against protesters
in a defiant speech on Tuesday.[ID:nLDE71L2LE]
                                
 International Energy Agency (IEA) executive director Nobuo
Tanaka said that oil prices above $100 per barrel for the rest
of the year could tip the global economy back into a repeat of
the 2008 economic crisis. [ID:nLDE71L1KV]
                                
 "We are very much concerned about the situation, it's a risk
to the stable supply of oil," Tanaka told Reuters at the
International Energy Forum in Riyadh on Tuesday.
                                
 Brent crude has risen around 12.5 percent so far this year.
U.S. crude is up just under 5 percent on the year, but is over
$50 below its 2008 high of $147.27.
                                
 Analysts said U.S. light crude futures remained well
supported following the roll of the contract, although a
potential build-up of weekly U.S. crude oil stockpiles expected
later could pressure prices.
                                
 "The fact that WTI has risen further is mainly related to
the contractual rollover, as the new front month contract was
two dollars higher than the expiring contract," Fritsch said.
                                
 A rise in Japanese crude oil stocks and an expected increase
in U.S. inventories could however ease supply concerns, analysts
said. [EIA/S][ID:nTOE71M02Z]
                                
 U.S. inventory data from both American Petroleum Institute
and EIA are delayed a day this week due to the Presidents Day
holiday on Monday, with the API report due at 2130 GMT and the
EIA awaited on Thursday.
                                
 Analysts polled by Reuters expect crude inventories in the
U.S. rose for the sixth consecutive time last week. [EIA/S]
 (Additional reporting by Francis Kan in Singapore; editing by
James Jukwey)