Oil Slips for First Day in Three on Libya Crisis Resolution Plan
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Oil slipped for the first time in three days in New York after Venezuela offered to mediate a resolution to the crisis in Libya, which has cut crude supplies from Africa’s third-biggest producer.
Crude dropped the most in a week after the Arab League said it’s weighing an offer by Venezuela’s Hugo Chavez to intervene in Libya’s civil conflict. Muammar Qaddafi’s warplanes bombed rebels yesterday as his troops fought unsuccessfully for a major oil port, and opposition leaders appealed for foreign nations to launch air strikes. Prices may be starting to hurt global economic growth, said Adam Sieminski, chief energy economist at Deutsche Bank AG.