The upheaval in Middle East and North Africa has made the gasoline and heating oil price shoot through the rooftop in USA. This has made President Barrack Obama to address this issue at a news conference today. Even after a lot of criticism from republican quarter on his energy policies, President Obama is not expected to make any consideration on oil release from the Strategic Petroleum Reserve.

Crude oil futures have gone up on Tuesday in Asia. It has remained off highs in the recent trading sessions. The main reason of this hike is that the major oil producers such as Saudi Arabia have stepped forward to cover the oil production shortfall in the market due to the recent Libya unrest issue.

Spikes in crude oil prices continued on Monday as well. All the Asian markets have faced this heat. It has raised $2 a barrel in the morning trade. Investors are in fear of political chaos in the Middle East.

U. S. stocks have seen a drastic fall this week. The Standard & Poor’s 500 Index has seen the major setback because of increase in prices of crude oil. It has suffered the biggest drop in past three month time.

Keppel FELS has informed that it had managed to get a contract to build two jack-up rigs from a subsidiary of Ensco. Keppel FELS, conglomerate of Keppel Corporation is a leading shipyard firm in the nation. It has revealed about this deal yesterday.

On the other hand, the contract has been assigned by the subsidiary of US offshore contract drilling services provider Ensco. The cost of the contact is said to be US$440 million ($561 million).

Recently, there has been a partnership agreement between Singapore sovereign wealth fund Government of Singapore Investment Corporation (GIC) ArcLight Capital Partners and GE Energy Financial Services in five natural-gas power plants. These plants are in Georgia, southeast of the United States.

Singapore LNG Corporation has appointed Samsung C&T to construct the third Liquefied Natural Gas or LNG storage tank. The deal is made for the engineering, procurement and construction of the storage tank.

The deal will be closed at 200 million US dollars.