* Several firms halt output in Libya []
* Concern other big producers could suffer supply outages
* Coming Up: API crude inventory data at 2130 GMT
(Adds background, updates prices)
By Zaida Espana
LONDON, Feb 23 (Reuters) - Brent crude futures climbed above
$110 a barrel on Wednesday as turmoil in Libya fuelled fears
that unrest could spread to other oil-producing nations and
choke supplies.
ICE Brent April crude futures <LCOJ1> were $4.46 to $110.22
a barrel by 1454 GMT, after reaching an intraday high of $110.26
a barrel, trading at levels not seen since early September 2008.
U.S. light crude futures <CLc1> were $2.48 stronger at
$97.90 a barrel, the strongest price since early October 2008.
Between 300,000-400,000 barrels per day (bpd) of Libyan
output has been shut down, according to Reuters calculations
[], marking the first cut in oil supplies related
to the recent wave of protests in North Africa and the Middle
East.
"If we lose Libyan production, then you will have to replace
around 1.6 million barrels per day of very good quality crude,
which would introduce logistical implications and have a cost,"
Credit Agricole CIB analyst Christophe Barret said.
Austria's OMV <OMVV.VI> said on Wednesday it might be
heading for a full production shutdown amid the violence in
Libya, which pumps 1.6 million barrels per day (bpd) or nearly 2
percent of global supply []
The comments echo remarks by Total <TOTF.PA>, Repsol
<REP.MC>, Eni <ENI.MI> and BASF <BASFn.DE> that they were either
slowing or stopping output.
Barclays analyst Amrita Sen said in a note around 1 million
bpd of Libyan crude oil output is likely to have been shut in.
Should the unrest bring production to a halt in both Libya
and Algeria, Nomura analysts said oil prices could peak at $220
a barrel. []
Governments across the world moved to send planes and ships
to evacuate citizens from Libya, whose leader Muammar Gaddafi
has vowed to crush the revolt. []
Focus was also on top exporter Saudi Arabia, where ruling
King Abdullah unveiled a package of benefits worth billions of
riyals to mark his return on Wednesday after months of medical
treatment abroad. [] []
Jittery investors are worried about further supply
disruption if protests spread in the country, which supplies
around 10 percent of the world's oil and holds most of the
world's spare capacity. On Tuesday, Saudi stopped short of
pumping more oil to calm markets, saying prices were driven by
fear. []
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Middle East unrest graphic http://r.reuters.com/nym77r
Analysis on long-term impact on Libyan oil: []
Factbox on Libyan oil and gas: []
Libyan oil map: http://r.reuters.com/jem28r
Interactive factbox http://link.reuters.com/puk87r
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
PRICES IN FOCUS, U.S. STOCKS AWAITED
The International Energy Agency's (IEA) executive director
Nobuo Tanaka said prices above $100 per barrel for the rest of
the year could drag the global economy back into a repeat of the
2008 economic crisis. []
Analysts said U.S. light crude futures, also known as West
Texas Intermediate (WTI) remained well supported following the
roll of the contract, but noted that a potential build-up of
weekly U.S. crude oil stockpile data due 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 $2
higher than the expiring contract," Commerzbank analyst Carsten
Fritsch said.
On the data front, investors await the January reading of
existing U.S. home sales at 1500 GMT, while U.S. inventory data
from both American Petroleum Institute and EIA will be delayed a
day after Monday's Presidents Day holiday.
Analysts polled by Reuters expect crude inventories in the
U.S. rose for the sixth consecutive time last week, ahead of the
API report due at 2130 GMT and the EIA on Thursday.
(Additional reporting by Francis Kan in Singapore; editing by
Jane Baird)
