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| Version 2 | Version 3 |
|---|---|
| Libya no-fly resolution keeps oil prices volatile | Libya no-fly resolution keeps oil prices volatile |
| (about 2 hours later) | |
| Oil prices have fluctuated on Friday after the United Nations authorised a no-fly zone over Libya. | Oil prices have fluctuated on Friday after the United Nations authorised a no-fly zone over Libya. |
| Brent crude earlier rose above $117 a barrel after the resolution, but suddenly dropped more than $3 to around $113 a barrel after Libya declared an immediate ceasefire. | Brent crude earlier rose above $117 a barrel after the resolution, but suddenly dropped more than $3 to around $113 a barrel after Libya declared an immediate ceasefire. |
| US light, sweet crude was also higher, but came back, trading little changed at $101.48 a barrel. | |
| Fighting in Libya has caused a rally in oil over the past few weeks. | Fighting in Libya has caused a rally in oil over the past few weeks. |
| The battles between forces loyal to Libyan leader Muammar Gaddafi and rebels have come after a series of popular uprisings across the Arab world, which also pushed up oil prices. | The battles between forces loyal to Libyan leader Muammar Gaddafi and rebels have come after a series of popular uprisings across the Arab world, which also pushed up oil prices. |
| Libyan oil production - which goes predominantly to the European market, for which Brent is the leading price benchmark - is near zero. | Libyan oil production - which goes predominantly to the European market, for which Brent is the leading price benchmark - is near zero. |
| Colonel Gaddafi's forces have recently retaken several towns seized by rebels in an uprising, but Western leaders had been talking on Friday about how to enforce the no-fly zone. | Colonel Gaddafi's forces have recently retaken several towns seized by rebels in an uprising, but Western leaders had been talking on Friday about how to enforce the no-fly zone. |
| 'Extended uncertainty' | 'Extended uncertainty' |
| However, analysts said the situation was still uncertain, despite news of a ceasefire. | However, analysts said the situation was still uncertain, despite news of a ceasefire. |
| "This does not mean we near a resolution of the situation in Libya," said Harry Tchilinguirian, an analyst at BNP Paribas. | "This does not mean we near a resolution of the situation in Libya," said Harry Tchilinguirian, an analyst at BNP Paribas. |
| "We may be facing the possibility of an entrenched status quo between pro and anti Gaddafi groups. | "We may be facing the possibility of an entrenched status quo between pro and anti Gaddafi groups. |
| "This only maintains the uncertainty in terms of when we will eventually have a full resumption of production in Libya," he said. | "This only maintains the uncertainty in terms of when we will eventually have a full resumption of production in Libya," he said. |
| Financial markets have been jittery all this week as events in the Middle East and Japan threatened to take a turn for the worse. | Financial markets have been jittery all this week as events in the Middle East and Japan threatened to take a turn for the worse. |
| In Bahrain, a clampdown on protesters earlier this week raised concern that unrest could spread to neighbouring Saudi Arabia, the world's biggest crude producer. | In Bahrain, a clampdown on protesters earlier this week raised concern that unrest could spread to neighbouring Saudi Arabia, the world's biggest crude producer. |
| Protests by a few hundred people in Saudi Arabia on Wednesday were put down by security forces. | Protests by a few hundred people in Saudi Arabia on Wednesday were put down by security forces. |
| The continuing nuclear crisis in Japan also continued to prey on the minds of investors, with concerns that the country is set to increase energy imports. | The continuing nuclear crisis in Japan also continued to prey on the minds of investors, with concerns that the country is set to increase energy imports. |
| Japan's nuclear capacity - which accounts for nearly 30% of electricity generation - has been crippled following a devastating earthquake and tsunami. | Japan's nuclear capacity - which accounts for nearly 30% of electricity generation - has been crippled following a devastating earthquake and tsunami. |
| Eleven of its 54 nuclear reactors are not operating. | Eleven of its 54 nuclear reactors are not operating. |