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Oil prices ease after Libya peace plan

4 March 2011 No Comment

WORLD crude oil prices slipped on Thursday as investors digested Venezuela’s proposal for an international peacekeeping mission to avert civil war in Libya.

Benchmark WTI light, sweet crude oil for April delivery dipped 32 cents to close at US$101.91 (S$129.20) a barrel on the New York Mercantile Exchange.

In London, Brent North Sea crude for delivery in April, a contract more sensitive to the unrest in Libya, shed US$1.56 to settle at US$114.79 a barrel.

The slight decline in the New York WTI price came after two straight days of sharp gains added more than US$5 to the key futures contract.

‘Oil in New York retreated for the first time in three days after reports emerged that Venezuela offered to mediate a resolution to the crisis in Libya,’ said Addison Armstrong, market research director at Tradition Energy.

Libya and the Arab League are considering a proposal on Monday by Venezuelan President Hugo Chavez to help find a peaceful solution to the crisis in the North African nation, a Venezuelan minister said on Thursday.

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