Information has surfaced that forces opposing Libyan leader Moammar Gadhafi secured the major oil towns of Brega and Ras Lanuf (both port cities on the Mediterranean).
The Libyan rebels now control oil fields producing between 100,000 and 130,000 barrels a day, and they say that will quickly increase to 300,000, with exports renewing in a week. That higher figure would account for about 19% of daily exports from Libya before the unrest started.
To the extent that anti-Gadhafi forces can secure the oil fields presently under their control, at least some of those exports should begin to flow again.
Libya
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Libyan Rebels May Oust Gadhafi, but the Fight Against Higher Oil Prices is Lost
Buy, Sell or Hold: The Libya Crisis and Record Oil Prices Will Ground United Continental Holdings Inc. (Nasdaq: UAL)
The growing Middle East unrest - and the impact that the turmoil and the resulting uncertainty is having on global oil prices - is clobbering the airline sector's bottom line. The crisis is far from over, and the implications of the higher fuel costs have not yet been fully discounted by the market.
The bottom line: It's time to sell United Continental Holdings Inc. (Nasdaq: UAL) - before it breaks down to new levels of weakness (**).
The bottom line: It's time to sell United Continental Holdings Inc. (Nasdaq: UAL) - before it breaks down to new levels of weakness (**).
Canada: China's Personal Shopping Mall
In 2007, Aluminum Corp. of China Ltd. (NYSE ADR: ACH) - better known as Chinalco - snapped up Peru Copper Corp. A year later, Jiangxi Copper Co. Ltd., teamed up with China Minmetals Corp., to buy out Northern Peru Copper Corp. Don't let the names of the two copper companies fool you - both targets […]