Oil fell after Libya said it will cease military operations against rebels and begin talks aimed at resolving the dispute that has curtailed crude shipments.
Oil dropped 0.4 percent after Muammar Qaddafi’s regime made the announcement that it’s ready to end hostilities. President Barack Obama said Qaddafi must stop violence and repression or face a military response by an international coalition. A United Nations vote yesterday cleared the way for the use of air attacks and a no-fly zone over Libya to protect civilians.
“There was a dramatic reversal after the Libyan announcement,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis. “The market’s reaction is understandable because there were fears that ordinance would be in the air over Libya this weekend.”
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