Oil prices drop on background of Gaddafi’s peace

The government of Libya passed a road map on a resolution of the conflict, proposed by the African Union, Reuters cites South African President Jacob Zuma as saying.


Zuma said that the African Union will visit Benghazi to hold negotiations with the Libyan opposition.


An AU delegation arrived in Tripoli yesterday to stop clashes between the protesters and Muammar Gaddafi’s forces.


NATO approved the visit.


The African leaders were met by Gaddafi’s supporters with portraits and green flags of Jamakhiria at the airport.


With conclusion of the military actions, oil prices have started dropping, RIA Novosti reports.


May futures for Light Sweet Crude Oil in New York dropped by $0.14, or 0.12%, to $112.65 per barel at 07:29 (Moscow time). May futures for Brent dropped by $0.8, or 0.63%, to $125.85 per barrel.


Protests in Libya started in mid-February. People demanded the resignation of their leader Muammar Gaddafi, who has been in power for over 40 years. The protests turned into mass clashes between the protesters and the law-enforcers. International organizations said that thousands died. The Libyan authorities deny the information.


The UN Security Council passed a resolution on May 17, introducing a no-fly zone over Libya and foreign military intervention.


The military operation started on March 19. NATO took control over the operation on March 31, the operation was renamed "Unified Protector". The goal of the alliance is enforcement of the embargo on arms exports to Libya and protection of its population.

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