Mfarhanonline Business News 
SINGAPORE: World oil prices Friday stayed above multi-year highs Friday, supported by the continued tensions in the Arab world and the postponement of elections in Nigeria, Africa”s biggest crude producer.
New York”s benchmark West Texas Intermediate light sweet crude for May delivery rose 55 cents to $110.85 per barrel after touching its highest level in two-and-a-half years in US trade Thursday.
Brent North Sea crude for May delivery gained 38 cents to $123.05.
“Current levels for crude are primarily supported by the Middle East tensions and also the Nigeria elections,” said Chen Xin Yi, a commodities analyst with Barclays Capital.
“The postponement of last”s week parliamentary polls (in Nigeria) due to logistical problems does not bode well for presidential elections,” Chen added.
Nigeria”s electoral agency on Thursday announced a third delay in legislative polls in some parts of the country after it failed to sort out logistical problems in time for the weekend vote. (AFP)
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