Oil Drops for a Third Day Following Victories By Libyan Rebels
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Oil fell for a third day in New York on speculation that territorial gains by Libyan rebels may quicken a resolution to the country’s civil war.
Futures declined as much as 0.9 percent after insurgents recaptured the Libyan oil port of Ras Lanuf yesterday while allied warplanes began airstrikes on the capital, Tripoli. In Japan, radiation hampered efforts to cool stricken reactors at the Fukushima Dai-Ichi plant while damage from the March 11 earthquake slowed the supply of materials to manufacturers. Prices have gained 14 percent this quarter, the most since the three months ended June 2009.