Crude Oil Drops Most in a Week on Libya Crisis Resolution Plan
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Oil dropped the most in a week in New York after the Arab League said it is studying ways to end the crisis in Libya that has cut crude supplies from Africa’s third-biggest producer.
Crude fell as much as 1.8 percent, the biggest intraday decline since Feb. 24, as an Arab League official said the group has consulted with Venezuela on the plan, which involves sending mediators to the North African country. Libya’s Muammar Qaddafi and Venezuelan President Hugo Chavez have discussed resolving the crisis, the Associated Press reported. Oil prices may be starting to hurt global economic growth, said Adam Sieminski, chief energy economist at Deutsche Bank AG.