Gadhafi’s Death Has Little Impact On Oil Prices

Posted October 20th, 2011 at 12:35 pm (UTC-5)
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The death of former Libyan leader Moammar Gadhafi appeared to have little impact on the world price of crude oil on Thursday.

At one point, the price declined by more than one dollar in New York trading. The Bloomberg financial news service attributed the change to investor worries that Europe’s continuing financial problems could cut demand for energy, not events in Libya.

Earlier this year, uprisings in Libya and other oil-producing nations caused a spike in oil prices as investors worried that supplies would be disrupted. To ease supply and price concerns, the International Energy Agency organized an effort by many nations to open their oil reserves and make up to 60 million barrels of oil available from to energy markets.

The IEA ended that effort in mid-September.

Officials of the International Monetary Fund say they are working to help Libya assess its battered economy and improve its public finances.

Thursday in Washington, IMF spokesman Gerry Rice said officials from the global lender and the World Bank will return to Libya in a few weeks to continue that project.