Crude declined 0.3 percent on the Venezuelan proposal and after the Associated Press reported army deserters secured oil facilities in the rebel-held port of Brega on the Gulf of Sidra. Forces loyal to Libyan leader Muammar Qaddafi briefly seized, then lost control of, Brega yesterday.
“There are people attempting to come up with some kind of compromise that would allow some kind of peace settlement, and that’s definitely a bearish sign,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. The government’s failure to hold Brega “removed any thought that there would be any damage to the oil exports,” he said.
Crude for April delivery slid 32 cents to settle at $101.91 a barrel on the New York Mercantile Exchange. Prices have risen 26 percent in the past year.
Libyan Foreign Minister Moussa Koussa expressed support for the initiative in a conversation with Venezuelan Foreign Minister Nicolas Maduro, Andres Izarra, the Latin American country’s information minister, said in a Twitter post today. Venezuelan President Hugo Chavez is a Qaddafi ally.
The Arab League has also discussed the plan with Venezuela, Hesham Youssef, chief of staff for Secretary General Amr Moussa, said in a telephone interview today.
Saif al-Islam Qaddafi, the Libyan leader’s son, said after floor trading closed that he wasn’t aware of Venezuela’s offer.
Libya pumped 1.39 million barrels a day in February, trailing Nigeria and Angola in African production, according to Bloomberg News estimates. more ...
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