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Oil slips as market eyes possible MidEast, N. Africa peace plan

U.S. oil futures fell 65 cents to $101.55 per barrel.


March 3, 2011 10:45 by

Oil prices slipped on Thursday as investors weighed a possible peace plan to end the current crisis in Libya.

U.S. oil futures fell 65 cents to $101.55 per barrel. Brent crude slipped 53 cents to $115.82 per barrel.

As the struggle between Gaddafi loyalists and rebels who have taken swathes of Libya intensified, one report said Gaddafi and the president of the Arab League had agreed to a peace plan from Venezuela’s President Hugo Chaves.

(Reporting by Luke Pachymuthu; Editing by Manash Goswami)


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