Crude Oil Fluctuates Near 2 1/2-Year High on Fighting in Libya

Oil fluctuated near the highest level in 30 months in New York as Libyan rebels fought loyalists at the oil port of Brega and the New York Times reported at least two of Muammar Qaddafi’s sons were seeking his ouster.

Oil rose as much as 0.8 percent before retreating as fighting centered around Brega, a Mediterranean seaport. Qaddafi’s sons are proposing pushing their father aside to transition to a constitutional democracy under the direction of his son Saif al-Islam Qaddafi, the Times reported, citing a diplomat and a Libyan official briefed on the plan.

“The Libyan situation is continuing unabated,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. Prices are tempered by “the talk that Qaddafi’s son and others are trying to arrange exit strategies there. If that situation calms down, then we’ll see several dollars come off the price.”

Read Full Article from Bloomberg

- Posted: 2011-04-04 09:43:41

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