Crude futures fall more than $1/bbl on Libya ceasefire

18 March 2011 14:56  [Source: ICIS news]

LONDON (ICIS)--Crude prices fell more than $1/bbl on Friday to take Brent crude on ICE Futures close to $113/bbl, as Libya declared ceasefire after threats of military action by the United Nations.

The Brent front-month-contract had reached a high of $117.29/bbl earlier in the day as investors feared more violence in the Middle East after reports emerged that the United Nations had authorised military action against Libya.

In addition, China’s decision to increase bank reserve requirements to cool down the economy placed further downward pressure on oil prices.

By 14:45 GMT, May Brent crude had hit a low of $113.07/bbl, a loss of $1.83/bbl from the Thursday close of $114.90/bbl, before recovering to around $114.50/bbl.

At the same time, April NYMEX light sweet crude futures was trading around $101.20/bbl, having hit a low of $100.32/bbl, a loss of $1.10/bbl from the previous close.

($1 = €0.71)

By: Giovanni Coiro
+44 20 8652 3214

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