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The Libyan rebel victory expected to lower oil prices


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Monday, 22 August 2011
The Libyan rebels' entry into the Libyan capital of Tripoli will put pressure on oil prices.
Colonel Gaddafi days in power seem to move quickly to a close and once again puts the development in Libya imprint on the oil market.
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"The first reaction should be that more Libyan oil reaches the market, "said one oil trader in Sydney to news agency Bloomberg.

Libya now pumps up to around 100,000 barrels of oil a day. Before the uprising began in February, the country produced close to 1.6 million barrels a day and was the world's twelfth largest oil exporter.

The North Sea oil, also known as the Brent was also falling by 2.7 percent to $106.19 while the U.S. Crude oil lost 0.8 percent to $82.03 on Monday morning.
By Scancomark.se Team


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