For the first time since the aftermath of the recession in 2008, refiners are cutting runs due to deteriorating margins as the Libyan revolt stokes North Sea benchmark Brent prices, which reached 2-1/2 year highs near $120 a barrel in February. The drop in refinery demand will nearly equal estimates for output lost so far in the Libyan revolt, Reuters calculations show.
ANALYSIS-Libya supply gap narrows as refiners ramp down
The risk of further production losses in Libya and the spread of political unrest to other parts of the Middle East and north Africa are propping up oil prices.But some analysts and traders say the lost European demand could offset the market impact from reduced Libyan supply, capping gains on physical crude prices.
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Oil prices soar over fears that unrest in Libya may spread
US CRUDE prices jumped to their highest since September 2008 yesterday and Brent rose above $116 a barrel on concern that unrest in Libya will spread to other North African and Middle East energy exporters, curbing shipments. Oil rose 2.5 per cent as Libyan leader Muammar Gadafy sent troops to recapture towns in the western part of the country and prepared to quash protests in the capital Tripoli and clashed with rebels near the major oil terminal of Ras Lanuf. Read More...
Oil at 2-1/2-year high, world stocks retreat
Crude oil prices jumped to a 2-1/2-year peak on Monday as worries about supply disruption increased due to widening clashes in Libya, while world stocks fell on concern sustained high oil prices could hurt growth. Unrest in the oil-rich Middle East stoked demand for precious metals, with gold -- often sought in times of geopolitical tensions -- rising close to a lifetime high at $1,434.82 an ounce, while silver surged to a 31-year peak. Read More... For the latest updates PRESS CTR + D or visit Stock Market news Today
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