Stig Östlund

tisdag, februari 22, 2011

Libya declares force majeure on oil: report


Feb. 22, 2011, 1:26 p.m. EST

SAN FRANCISCO (MarketWatch) -- Libya has declared force majeure on its oil contracts, Reuters reported Tuesday, citing oil traders. The news follows Libyan leader Col. Moammar Gadhafi's refusal to step down from his 41-year reign and deteriorating civil conditions in the country. Crude oil for April delivery /quotes/comstock/21n!f:cl\j11 (CLJ11 94.37, +4.66, +5.20%) , http://www.marketwatch.com/investing/future/CLJ11  the most active contract, rose 5.7%, or $5.07, to $94.78 a barrel on the New York Mercantile Exchange, and crude oil for March delivery /quotes/comstock/21n!f:cl\h11 (CLH11 91.67, +5.47, +6.35%)http://www.marketwatch.com/investing/future/CLH11  , the front month contract, rose 6.5% to $91.83 a barrel. The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 12,225, -166.16, -1.34%) http://www.marketwatch.com/investing/index/DJIA  continued its slide with the index down 174 points, or 1.4%, to 12,217 in recent activity. Libya, a member of OPEC, produces about 1.6 million barrels of oil a day.


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