âPutting the crisis in perspective, Libya ranks only 12th on the worldâs top crude exportersâ list, accounting for a mere 1.5 million barrels per day of output.
âTherefore, the situation there is of market-moving significance in terms of shaping investorsâ perceptions of what a crisis in the region could look like â bloody and disruptive rather than mostly non-violent and orderly â as had been the case in Egypt and Tunisia.
âTo that affect, the path of least resistance for oil prices is likely to continue to lead higher as long as reports bloodshed continue to fill the headlines. WTI crude has jumped above $106/barrel for the first time since September 2008.
âThe re-emergence of sovereign risk in Europe is adding to downward pressure on sentiment after Moodyâs downgraded Greeceâs credit rating once again.â