From Arabian Money:Oil past the $100 mark in New York yesterday for the first time since the global financial crisis of 2008, and King Abdullah of Saudi Arabia returned from medical treatment abroad with $11 billion in housing and social security handouts for the poor.
But the eyes of the world are focused on the horrific violence in Libya with Muammar Qaddafi saying he will never surrender and digging in for a final battle with his mercenary forces. Paying foreign soldiers to shoot his own citizens has led to widespread desertions from his military and the eastern city of Benghazi has fallen.
Exodus of expats
Western countries are now engaged in a massive effort to get their nationals out of a fast deteriorating situation. Oil and gas exports are being shut down, and this impacts immediately on global energy prices. Libya produces 1.6 million barrels per day or 1.8 per cent of the global oil supply....read on
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