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Production shutdown at Libya

March 01/2011

(Plastemart) -- Brent crude settled at US$111.72 after rising past US$114, while light, sweet crude on the Nymex settled at US$96.89. Earlier in the day, oil prices rose by 2% on news of shutdown of oil production in Libya and on fears that the unrest might spread to Saudi Arabia. However, prices recoiled on an announcement by Saudi state oil company Saudi Aramco that all demands for extra oil had been met coupled with news that Tobruk port in East Libya had reopened and a Chinese tanker was being loaded.


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