Oil falls on afternoon madness
March 3, 2011 Leave a comment
The oil price dropped $3 this morning on the back of hopes for a Venezuelan-brokered peace deal in Libya. Venezuelan president Hugo Chavez, a close ally of Libyan leader Muammar Gaddafi, is said to be pushing plans for an international peacekeeping mission to mediate the crisis in the country, which is threatening to descend into civil war.
Reuters said that the head of the Arab League had confirmed that a peace plan put together by Chavez was being considered by Gaddafi
Now come on here. Chavez is as mad as March hare. Hopes? Peace? What absolute nonsense. Now if Gaddafi decides to leave Libya for the beaches of Venezuela’s Caribbean coast, then yes, a drop in oil is warranted, but on the nutcase of Latin America talking peace keeping forces….., it is but a sick joke. It’s like Iranian nutcase Mahmoud Ahmadinejad being taken seriously if he called for a conference for world peace.
But look…oil fell for two hours and now it’s bouncing back.