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Oil, Gold Prices Soar After Unrest Hits Libya
Prices for oil and gold rose sharply on Monday as nervous investors reacted to political unrest in Libya, which is an oil exporter.The price of Brent crude oil in London, the benchmark for much of the world,nike dunk high heels, jumped more than two percent to hit $105 a barrel. That is the highest price since 2008. U.S. crude prices also rose even more sharply, but remain somewhat lower than London's cost.
Gold prices rose more than $13 and went above $1,asics shoes sale,400 an ounce for the first time in seven weeks as investors sought a safe haven for their money.Libya is the world’s twelfth largest oil exporter. According to the International Energy Agency, the country produces about 1.6 million barrels of crude a day, about 2 percent of global oil demand.
The reviving global economy was already pushing up energy demand and prices before the political crisis in Libya. The Bloomberg financial news service reports that some foreign oil companies are evacuating the families of expatriate employees, and non-essential workers.
One firm closed an office in Tripoli,nike air penny 3, while another suspended exploration for new oil. Other firms,nike high heels, however,Asics Mexico 66 outlet, are operating normally. The chairman of Libya's National Oil Corporation, Shokri Ghanem, said he has no information on a media report that a strike has stopped production in one oil field.
Egyptian Banks Reopen After Strikes,nike air penny 3 red, Unrest
Egyptian banks have reopened after being shut for most of last week,dunk high heels, as Egypt struggles to revive an economy damaged by labor protests and an uprising the toppled its president earlier this month.The banks opened for business as usual Sunday, the first day of Egypt's working week,christian louboutin pumps, following a series of government-ordered closures and shortened sessions in the weeks since the uprising began in late January.
Egypt's stock market remains closed after suffering heavy losses at the start of the turmoil. It is expected to reopen later this week,asics tiger shoes sale, barring another bank closure or other developments.Egypt's military rulers said Friday they will not tolerate any further labor protests,男子被诉因口角踹女友奶奶致死 jordan high heels, after the uprising inspired Egyptian workers to go on strike in multiple industries to protest poor wages and other grievances.
In a gesture to the opposition,asics shoes, a court in the military-run country granted official recognition Saturday to a small Islamist party that had been outlawed for 15 years by the government of ousted President Hosni Mubarak. The Wasat, or Center Party, was founded in 1996 by activists who split from Egypt's main Islamist movement, the Muslim Brotherhood.The Center Party previously applied four times for an official license,nike air penny 3 blue, but those bids were rejected by members of Mubarak's former ruling party.
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