Oil prices slip back on reports of peace plan Skip to main content

Oil prices slip back on reports of peace plan

Oil traders in New York Oil markets have seen volatile and rapid trading

Mid-East Unrest

Oil prices eased back on Thursday amid speculation that the Arab League is considering a peace plan for Libya.
Brent crude was trading around $115.80 a barrel, after almost touching $118 earlier, while US crude futures were down 35 cents at $101.88.
Arab League Secretary-General Amr Moussa said on Thursday a peace plan for Libya from Venezuela's President Hugo Chavez was "under consideration".
But oil analysts were sceptical that the plan would halt the rise in crude.
"The 'peace plan' for Libya obviously knocked the market lower but it doesn't seem to be having more than a passing impact on prices, which will probably head higher again," said Cartsen Fritsch, an analyst at Commerzbank.
Fighting in Libya appeared to be intensifying, and analysts warned prices would climb further if conditions in the country and other oil producing countries worsened.
"Any time oil moves higher, it gets people nervous about future growth and inflation," said Bart Melek of TD Bank Financial Group.
Seeking safety The recent spike in oil prices has raised fresh concerns about sluggish global economic growth.
Analysts say this is driving investors towards markets that present fewer risks, not least the traditional powerhouses such as Japan.
On Thursday, Tokyo's main Nikkei 225 index rose by 0.9%.
"Japan is seen as a safe haven at the moment, as there are few inflationary pressures," said Jamie Coutts of BGC Securities.
However, analysts warned that markets would remain volatile in the near future.
Robert Lutts of Cabot Money Management said that stock markets were adjusting to the new environment of high oil prices and beginning to realise that there was no short-term solution.
"We are going to live with this uncertainty for a some time," he said.

http://www.bbc.co.uk/news/business-12630267
Labels:

Comments

Post a Comment

Popular posts from this blog

Chronology of the Press in Burma

1836 – 1846 * During this period the first English-language newspaper was launched under British-ruled Tenasserim, southern  Burma . The first ethnic Karen-language and Burmese-language newspapers also appear in this period.     March 3, 1836 —The first English-language newspaper,  The Maulmain Chronicle , appears in the city of Moulmein in British-ruled Tenasserim. The paper, first published by a British official named E.A. Blundell, continued up until the 1950s. September 1842 —Tavoy’s  Hsa-tu-gaw  (the  Morning Star ), a monthly publication in the Karen-language of  Sgaw ,  is established by the Baptist mission. It is the first ethnic language newspaper. Circulation reached about three hundred until its publication ceased in 1849. January 1843 —The Baptist mission publishes a monthly newspaper, the Christian  Dhamma  Thadinsa  (the  Religious Herald ), in ...
Post a Comment
Read more

Sri Bhaddanta Chandramani Mahathera

The Life Story of A Distinguished And Outstanding Bhikkhu The Most Venerable Saradawpharagree Sri Bhaddanta Chandramani Mahathera The Buddhist missionary Saradaw Ashin U Chandramani was endowed with great gifts and led a famous and long life. He was a very well known, distinguished and outstanding Bhikkhu Mahathera. While living in the Kushinagar Monastery, a place close to where the Lord Buddha had passed away to Nirvana, the Government of India had offered, and he had accepted, the highest, most honourable and respected title "Guru Guru MahaGuru". He became the first ever President of all Buddhists in India.A World Buddhist Conference took place in Kathmandu during the reign of King Mahindra of Nepal. The Conference was very well attended by over one hundred thousand Buddhists from various parts of the world and it was opened by King Mahindra himself. As requested by the King, Saradawpharagree blessed all the participants with the power of Triple Gems...
Post a Comment
Read more

Thai penis whitening trend raises eyebrows

Image copyright LELUXHOSPITAL Image caption Authorities warn the procedure could be quite painful A supposed trend of penis whitening has captivated Thailand in recent days and left it asking if the country's beauty industry is taking things too far. Skin whitening is nothing new in many Asian countries, where darker skin is often associated with outdoor labour, therefore, being poorer. But even so, when a clip of a clinic's latest intriguing procedure was posted online, it quickly went viral. Thailand's health ministry has since issued a warning over the procedure. The BBC Thai service spoke to one patient who had undergone the treatment, who told them: "I wanted to feel more confident in my swimming briefs". The 30-year-old said his first session of several was two months ago, and he had since seen a definite change in the shade. 'What for?' The original Facebook post from the clinic offering the treatment, which uses lasers to break do...
1 comment
Read more