Brent oil price slumps $3 after Libya calls ceasefire

18th March 2011, Comments 0 comments

Brent oil slumped $3 Friday after major crude exporter Libya called a ceasefire with rebels, easing fears about possible damage to its energy facilities.

Brent North Sea crude for delivery in May dived $3 compared with its level before the announcement, to $113.07 a barrel. It quickly recovered to stand at $114.47 about 1300 GMT, down 42 cents compared with Thursday's close.

© 2011 AFP

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