Crude Oil Slips From 29-Month High on Libya Mediation Proposal
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Oil in New York fell from a 29-month high after Venezuela offered to mediate the conflict in Libya, Africa’s third-largest oil producer.
Crude declined 0.3 percent on the Venezuelan proposal and after the Associated Press reported army deserters secured oil facilities in the rebel-held port of Brega on the Gulf of Sidra. Forces loyal to Libyan leader Muammar Qaddafi briefly seized, then lost control of, Brega yesterday.