The turmoil in Libya progresses and fueled by oil

The Libyan turmoil progresses as the fights between the rebels and Qaddafi’s people don’t seem to subside. Currently the rebels are trying to push towards the Qaddafi’s hometown of Sirte in the east.


As a result the current turmoil might continue to affect crude oil price as the markets will open tomorrow.


Despite the sanctions reported to be made by Europe and US, there are countries mainly China and India that continue to buy crude oil from Libya and thus making the sanctions less effective and providing additional resources for Qaddafi in prolonging the fights against the rebels.


For more on this subject:

Weekly outlook for Crude oil, Natural gas and Gold 7-11 March

Oil prices rise as Libyan turmoil progress – Weekly recap 28 Feb 4 Mar

Oil prices outlook – 4 March