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Analyst warns oil prices could double in wake of Arab unrest

The price of a barrel of crude could double if the unrest in the Arab world deteriorates, oil trader turned British international development minister Alan Duncan warned Saturday. Duncan, who has 30 years’ business experience in the Gulf, told The Times newspaper that the price of a barrel of crude…

New York oil price hits new 2008 peak on Libya unrest

LONDON — New York oil briefly surged past $104 on Friday to strike the highest level for two and a half years, as traders reacted to worsening violence in Libya. New York’s light sweet crude for April delivery surged as high as $104.09 per barrel — which was last seen…

Ten thousand rally against Armenian government

YEREVAN, Armenia – More than 10,000 opposition supporters rallied in the Armenian capital on Tuesday, calling for the government’s resignation on the third anniversary of deadly political unrest. “We are ready to start a dialogue with the authorities, but only on one subject: the conducting of urgent presidential and parliamentary…

Oil climbs despite Saudi output pledge

LONDON — World oil prices advanced on Tuesday despite OPEC kingpin Saudi Arabia’s pledge to ensure sufficient supplies to cover Libya’s production shortfall. Brent North Sea crude for delivery in April rose 67 cents to $112.47 per barrel. New York’s light sweet crude for April, known as West Texas Intermediate…

Oil soars close to $120 on Libya fears

LONDON – Oil prices rocketed close to $120 on Thursday, levels unseen since mid-2008, as growing instability in Libya stoked supply jitters across the Middle East and beyond. Brent North Sea crude for delivery in April rallied as high as $119.79 per barrel, the highest since August 22, 2008. It…

Oil prices hit multi-year highs amid Libya unrest

NEW YORK — Oil sold in New York crossed the symbolic $100 a barrel level Wednesday, hitting prices not seen since 2008, amid fears over supplies from Libya. As traders panicked that political chaos could spread further in the Middle East, the main US contract reached $100 a barrel for…

US urges oil output boost to ease prices

RIYADH – US Deputy Secretary of Energy Daniel Poneman on Tuesday called on oil producers to boost output in a bid to ease crude prices, which struck $108 over unrest in the Middle East. “We think that the proper response (to the high prices) is that producers respond to those…

World markets slide, oil soars on Libya unrest

LONDON (AFP) – Global markets dived Tuesday and oil prices spiked above $108 per barrel, as sentiment was rocked by violent unrest in Libya, while the safe-haven US dollar gained ground. “The revolutions in Tunisia and Egypt are continuing to spread across the region. It seems to be Libya’s turn…

Libya’s Gaddafi denies fleeing as cities overrun

TRIPOLI – Libyan leader Moamer Kadhafi denied Monday he had fled his country after protesters overran several cities, as his four-decade rule was under assault amid claims of a “massacre” in Tripoli. “I am going to meet with the youth in Green Square,” in downtown Tripoli, he said, in what…

China state-run media play down protest calls

BEIJING – China’s state media on Monday dismissed a weekend web campaign for Middle East-style protests as “performance art”, while also urging public patience over a number of contentious social problems. “The revolutions in Tunisia and Egypt have spread in the Middle East, and some in the West want China…

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