Oil falls after Libya's cease-fire

15:26, March 19, 2011      

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U.S. crude oil price fell on Friday after Libya declared cease-fire, which eased the worries about the unrest in the Middle East.

After the United Nations adopted on late Thursday a resolution authorizing a Western-led no-fly zone and other military action to protect civilians, the Libyan government declared to stop every military action on Friday.

Investors thought the calm-down of the OPEC state might lead to a resumption of oil output, which pushed oil prices lower.

But the losses were pared away after U.S. President Barack Obama warned that if Muammar Qaddafi does not comply with the international community's demand as requested in the UN resolution, a military response by an international coalition will be taken.

Light, sweet crude for April delivery dipped 35 cents to settle at 101.07 dollars a barrel on the New York Mercantile Exchange, trading from 100.14 dollars to 103.66 dollars.

In London, Brent crude for May delivery dropped 97 cents, or 0. 84 percent to settle at 113.93 dollars a barrel, after trading from 113.07 dollars to 117.29 dollars.

Source: Xinhua
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