{"id":297239,"date":"2011-03-10T03:21:12","date_gmt":"2011-03-10T03:21:12","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/10\/oil-climbs-in-asia-on-libya-fear\/"},"modified":"2011-03-10T03:21:12","modified_gmt":"2011-03-10T03:21:12","slug":"oil-climbs-in-asia-on-libya-fear","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/10\/oil-climbs-in-asia-on-libya-fear\/","title":{"rendered":"Oil climbs in Asia on Libya fear"},"content":{"rendered":"

\n \t\t
\n 9 March 2011<\/span>
\nLast updated at <\/span>22:21 ET<\/span>
\n<\/span><\/p>\n

The price of crude oil has risen in Asia on worries that production may be disrupted by ongoing unrest in Libya.<\/p>\n

Brent crude was trading at $116.44 a barrel, hovering near two-and-half year highs. US light, sweet crude was at $104.88. <\/p>\n

The latest price rises follow reported air strikes at an oil terminal near the rebel-held town of Ras Lanuf.<\/p>\n

Ras Lanuf has been coming under heavy bombardment from pro-Gaddafi forces in recent days.<\/p>\n

Emergency meeting<\/span><\/p>\n

Libyan oil exports go predominately to the European market – for which Brent is the leading price benchmark.<\/p>\n

Markets continue to watch the Organisation of Petroleum Exporting Countries (Opec) for any sign of an increase in output to offset the losses in capacity caused by events in Libya. <\/p>\n

On Tuesday the cartel of oil producers had been informally discussing whether an emergency meeting to discuss output levels was required.<\/p>\n

Continue reading the main story<\/a><\/p>\n

\t<\/p>\n

\t<\/p>\n

In the US, the Energy Information Agency revealed that US crude stockpiles were much higher than anticipated, helping ease some of the concerns.<\/p>\n

However, that was not enough to lift stock markets and Japan’s main Nikkei 225 Index slid 1.1% in morning trade. South Korea’s KOSPI dropped 1.2%. <\/p>\n

The main stock markets in London, Paris and Frankfurt all ended Wednesday down about half a percent.<\/p>\n

On Wall Street, the Dow Jones index fell 0.4%, but later recovered to end the day virtually unchanged.<\/p>\n

‘Will fight’<\/span><\/p>\n

Meanwhile, there have been calls within the international community for the implementation of a no-fly zone over Libyan airspace.<\/p>\n

However, Libyan leader Colonel Muammar Gaddafi has said his people “will fight” any such action.<\/p>\n

Nato defence ministers are expected to meet in Brussels to discuss options for dealing with the situation in Libya on Thursday. <\/p>\n<\/p><\/div>\n<\/p>\n

Original post:
\nOil climbs in Asia on Libya fear<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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