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Oil prices soar as UN approves no-fly zone in Libya

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IB Times
March 18, 2011

Crude oil prices rose in Asian trade on Friday, after the United Nations (UN) approved the imposition of a no-fly zone over Libya, raising fresh fears over oil exports from the country.

The light sweet crude for April delivery gained $1.65 to $103.07 a barrel on the New York Mercantile Exchange. Brent crude was up $1.56 to $116.46 a barrel on the ICE futures exchange in London.

Crude oil prices have increased 13 percent since the beginning of the year, following continued unrest in some Arab nations.

Libya’s oil output has dropped by more-than two thirds since the rebellion against Gadhafi began in February, AFP reported last week, quoting Shukri Ghanem, chief of National Oil Corp. Oil production has been reduced to just 500,000 barrels per day from 1.6 million barrels.

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This article was posted: Friday, March 18, 2011 at 5:52 am

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