Oil prices up amid allied strikes on LibyaMarch 21, 2011 - 14:21 AMT PanARMENIAN.Net - World oil prices rallied on Monday, March 21, after Western air strikes were launched on key crude exporter Libya over the weekend. New York's main contract, light sweet crude for delivery in April, added $1.75 to $102.82 a barrel. In London morning trade, Brent North Sea crude for May won $1.43 to $115.36 per barrel. "Brent oil prices rose ... following military intervention in Libya over the weekend," said analyst Conall Mac Coille at Davy stockbrokers in Dublin. "The increase in oil prices has fed through to other commodities, particularly metals." "Oil prices have gone up due to military attacks in Libya from UN forces," said Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore, AP reports. Before the unrest, Libya was producing 1.69 million barrels a day, according to the International Energy Agency. Of this 1.2 million barrels were exported, mostly to Europe. Other major customers are China and the United States. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |