Oil traders wait for cue on prices

Energy prices are likely to rise in the wake of the terrorist attacks in the U.S.

Singapore -- Oil traders in Asia waited for a price cue Wednesday as markets tried to assess the impact the terrorist attacks in the U.S. would have on supplies.

Many Asian oil and gas shares rose, including Australia's Woodside Petroleum. Some Asian countries and companies immediately halted energy exports.

Yen-based energy futures on the Tokyo Commodity Exchange surged by the daily limit.

Up to 80 percent, or some 11 million barrels per day, of Asian crude imports, are sourced from Middle East producers.

OPEC committed to stable supplies

OPEC Secretary-General Ali Rodriguez said on Tuesday the oil exporting cartel was committed to ensuring stable supplies and prices after the terrorist attack.

Earlier this month OPEC cut sales by a million barrels a day to keep its benchmark price between $22 and $28 a barrel.

Members of OPEC include pro-U.S. Arab producers such as Saudi Arabia and Kuwait, along with political foes of the U.S. such as Iraq, Iran and Libya.

"None of these things change OPEC's decision to guarantee the stability of the oil market. OPEC member countries are committed to their promises to guarantee sufficient oil supplies," Rodriguez told Reuters.

Waiting to assign responsibility

An adviser to Britain's Premier Oil, Peter Cockcroft, said the market was in limbo until responsibility was assigned for the terrorist attacks.

"This has created uncertainty and will drive the price of oil up. It will have an effect, but it will probably not be as dramatic as what we saw in the Gulf War," Cockcroft said.

U.S. officials said the attacks may have been conducted by people with links to Saudi exile Osama bin Laden, who has refuge in Afghanistan, or his organization.

Traders fear any sign of Middle East involvement in the unprecedented attack on the United States might disrupt oil supplies. The Middle East holds two-thirds of the world's crude reserves.

Benchmark crude prices jumped in London on Tuesday before the market was closed early because of the attacks.

October Brent crude futures on London's International Petroleum Exchange were up $1.61 a barrel at $29.06 on the close after hitting a nine-month peak at $31.05 shortly after news of the attacks began to emerge.

Thailand initially called a halt to overseas oil sales by all domestic state-linked refiners amid concerns over security of supply and to minimize the impact of fluctuating global prices.

Thai export ban rescinded

The export ban was later rescinded but the National Energy Policy Office said it had ordered an immediate increase in the minimum oil reserves held by local refiners to five percent of daily demand from three percent.

Taiwan's two refiners, state-owned Chinese Petroleum Corp and privately-owned Formosa Petrochemical Corp said they would immediately halt exports.

South Korea, one of Asia's biggest oil product exporters, said it may ask all local refiners to stop exports should domestic demand rise dramatically in the next few days.

Reuters contributed to this report.