By V. Phani Kumar, MarketWatch HONG KONG (MarketWatch) — Nymex crude-oil futures rose above the $105-a-barrel level in electronic trading during Asian hours Wednesday, continuing to rally in the face of ongoing turmoil in Libya and other parts of the Middle East. May futures for light, sweet crude-oil, the new front-month contract, rose 15 cents to $105.12 a barrel on Globex, extending gains after finishing 1.8%, or $1.88, higher at $104.97 a barrel in Tuesday’s regular trading session in New York. The futures for April delivery expired Tuesday, rising 1.6%, or $1.67, to $104 a barrel. The advance came as Western coalition forces continued their air attacks on troops loyal to Libyan leader Col. Moammar Gadhafi. Days after they launched air strikes to enforce a no-fly zone as part of an international effort to protect Libyan civilians engaged in a struggle to oust Gadhafi, there was little evidence that the attacks had stopped the bloodshed or shifted the balance of power in favor of the rebels, according to a Washington Post. Fears remained about the North African country’s oil production, despite assurances from Saudi Arabia that the world’s largest oil supplier would meet any supply shortfall resulting from the turmoil in Libya. Unrest in Yemen and Syria also added to geopolitical worries. April natural gas futures also advanced, rising 1.1 cents to $4.265 per million British thermal units.

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