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Libyan Crises Pushes Up Oil

Political instability in Libya is now starting to affect oil as it rose in Asian trading on Monday, which comes after a rise of about 2 per cent in New York on Friday.


Libya is a key producer of oil and it is expected to cut about 800,000 barrels a day from it output as disruption increases because of the civil war in the country.


This follows the call from some tribal leaders in Libya for General Khalifa Hafter, the leader of the opposition to the Libyan central government, whose forces control much of eastern Libya, to blockade coastal oil export terminals in protest against Turkish intervention in support of the Libyan central government.


However, there is the hope of a turn around in Libya following the meeting of world leaders in Berlin on Sunday that included the US, EU, Russia and Turkey. The leaders all committed to end foreign intervention in Libya's war and to uphold a UN arms embargo.


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