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Title: Brent climbs above $110 on Libya unrest
Source:
Rueters
URL Source: http://www.reuters.com/article/2011 ... kets-oil-idUSTRE71192R20110223
Published: Feb 23, 2011
Author: Gene Ramos
Post Date: 2011-02-23 13:48:13 by Happy Quanzaa
Keywords: Obamanomics in Action
Views: 3961
Comments: 3
(Reuters) - Brent crude futures rallied above $110 a barrel on Wednesday, posting the biggest three-day percentage gain in a year, as the escalating violence in Libya could further reduce its production. Between 300,000 and 400,000 barrels per day of Libyan output -- up to 25 percent -- has been shut down, according to Reuters calculations, marking the first cut in oil supplies related to the recent wave of anti-government unrest in North Africa and the Middle East. After Libyan leader Muammar Gaddafi vowed in a defiant speech on Tuesday that he would not step down, promising severe punishment to his detractors, analysts fear that long-lasting supply disruptions or even permanent damage lies ahead for the OPEC member's oil industry. Traders were intently watching what top OPEC exporter Saudi Arabia will do, even as its oil minister has reiterated assurances the kingdom and other OPEC members would be ready to act should a supply shortfall develop. "I don't think Libya alone will take us to $150 a barrel, but, if unrest spreads in the Gulf countries, we could easily get there. That is why it is imperative the Saudis release some extra barrels into the market now to calm the situation, rather than simply trying to talk the price down," said Edward Meir, an analyst at MF Global in New York. In London, ICE Brent crude for April delivery gained $4.01, or 3.8 percent, at $109.79 a barrel. Earlier, it touched a session high of $110.35, the highest since September 2, 2008, when prices hit $110.45. In three days, the Brent contract has surged nearly $8, or 7.8 percent, the biggest three-day percentage advance since February 2010. In New York, the new front-month, April crude rose $2.48, or 2.6 percent, to $97.90 a barrel. It earlier reached $98.07, the highest intraday price since October 2, 2008, when prices hit $100.37. Since resuming trading on Tuesday, following a long holiday weekend, U.S. crude has advanced nearly $12, or nearly 14 percent, the biggest two-day percentage gain since January 2009. Brent's premium against U.S. crude widened to as much as $12.84, after posting $10.36 at the close on Tuesday. Traders were gearing up for U.S. weekly inventory data, the first of which will be released by the industry group American Petroleum Institute later Wednesday at 4:30 p.m. EST. A Reuters poll forecast that U.S. crude stockpiles rose 1.3 million barrels last week, while distillate inventories fell 1.4 million barrels and gasoline supplies rose 400,000 barrels. (Additional reporting by David Sheppard in New York; Zaida Espana in London, Francis Kan in Singapore; Editing by Walter Bagley)
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#1. To: Happy Quanzaa (#0)
(Edited)
May 15, 2006: It's amazing what Bush was willing to do to help oil companies, now those chickens are coming home to roost.
Since January 3, 2011, Republicans have controlled the power of the purse.
Some folks in Scotland are angry enough to leak to the Guardian what many of us already suspected. The Lockerbie bomber was released only with our approval--grudgingly given perhaps--but given nevertheless. The letter was sent to Scottish ministers by a senior diplomat at the US embassy in London last August, eight days before Abdelbaset al-Megrahi was released from prison because he was dying from inoperable prostate cancer. Obama's administration has refused to allow publication of the letter, in which the US says allowing Megrahi to live at home in Scotland would be "far preferable" to sending him back to Libya under the prisoner transfer deal brokered by former prime minister Tony Blair in 2007. Although Megrahi was allowed to go home to die in Tripoli, Scottish officials believe this undermines Obama's vigorous criticisms of the decision to free Megrahi earlier this month, when he said he was left "surprised, disappointed and angry" by the Libyan's release. David Cameron said he and Obama were in "violent agreement" that freeing Megrahi was a bad decision. Actually, I thought the Guardian story today was old news. I wrote about this last year. Twice. Richard Baehr adds: It looks like, to use a Kohn Kerryism, Obama and BP were allies, before they were foes.
Ministers secretly advised Muammar Gaddafi’s Libyan regime how to secure the successful early release of the Lockerbie bomber, documents obtained by The Daily Telegraph have disclosed. http://www.telegraph.co.uk/news/worldnews/wikileaks/8294120/WikiLeaks-Britain-secretly-advised-Libya-how-to-secure-release-of-Lockerbie-bomber.html and from 7/14/2010 Since January 3, 2011, Republicans have controlled the power of the purse.
The US said yesterday it is to restore full relations with Libya for the first time in more than 25 years, after having once branded its leader, Muammar Gadafy, as one of the world's most dangerous men and a supporter of international terrorism.
Washington also removed Libya from a state department list of states sponsoring terrorism.
Condoleezza Rice, the US secretary of state, said: "We will soon open an embassy in Tripoli. In addition, the United States intends to remove Libya from the list of designated state sponsors of terrorism. Libya will also be omitted from the annual certification of countries not co-operating fully with United States' anti-terrorism efforts.
#2. To: go65, All (#1)
July 25, 2010
Obama Admin Approved Lockerbie Bomber Release
Barack Obama is under growing pressure to release a letter that reveals the US grudgingly supported freeing the Lockerbie bomber on compassionate grounds.
#3. To: Happy Quanzaa (#2)
Britain secretly advised Libya how to secure release of Lockerbie bomber
Sen. Chuck Schumer (D-NY) on the possible connection between the Lockerbie plane bomber's release and oil giant BP.
Schumer is seeking an answer to the problem of BP's link with Libya.
Schumer says BP is tied in to this deal because BP and Libya were negotiating over a major oil find in the area. The deal was sped up after the Lockerbie bomber was to be released early due to poor health. The bomber was supposed to die of cancer only months after his release, however after more than a year after his release he is still alive.
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