Stability was witnessed in trading of crude oil futures on Wednesday’s Asian trading session as investors are closely watching the political crisis in Libya and other Middle Eastern countries.

Crude oil future contract for May delivery remained the most active and slightly declined $0.07 to $104.90 per barrel on Globex trading session. The contract reached the day’s high of $105.38 per barrel in Asian trading hours today.

Yesterday on Tuesday the crude May future contract surged $1.88 or 1.8 percent to $104.97 per barrel at New York Mercantile Exchange. Tuesday’s heavy surge was in reaction to continuation of attacks by opposition coalition forces on Col. Moammar Gadhafi’s loyal troops.

International community was uncertain about the situation in Libya that whether the opposition forces were still making attack on Gadhafi forces. However Col. Gadhafi made an appearance on television for the first time in the week ensuring victory to motivate his supporters.

Analyst Soozhana Choi from Deutsche Bank commented, “Events this week in Libya make it increasingly unlikely that we’ll see a swift normalization of Libyan crude oil production in the near term,” he further added, “Markets are increasingly bracing themselves for a lengthy disruption to Libyan crude oil exports that may last potentially many months if not more than a year.”

Moreover political crisis and riots in Yemen and Syria is also creating uncertainty about global oil supply despite assurance from Saudi Arabia to cover the shortage by increasing its production by 700,000 barrels.

On the other hand natural gas future contract for April delivery gained $0.03 to $4.29 per million British thermal units in Asian trading hours today.