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ENERGY MARKETS REPORT INCLUDING: Moody’s has warned that persistently high oil prices around USD 100 will weaken the global economic recovery

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WTI and Brent Crude both traded higher throughout the Asian and European sessions after the UN Security Council voted to approve military intervention in Libya; however heading into the North American open the PBOC raised the Reserve Requirement Ratio by a further 50 BPS, sending WTI Crude back to the USD 102 level and Brent Crude back to flat on the day.
 
LIBYA UPDATE:
•    The UN Security council voted 10-0 with 5 abstentions to allow the US, UK, France and Arab Nations to take all necessary measures to protect civilians in Libya. This includes air strikes but does not allow a foreign occupation force on Libyan territory.
•    French government spokesman Baroin said military action may start within hours
•    Gaddafi’s son has signalled that troops will surround Benghazi but will not try to enter.
 
Geopolitical News:
•    A Qatari military official has confirmed that Qatari troops are part of the GCC forces deployed to Bahrain to put down the Shiite-led protests against the Sunni dynasty there.
•    Further protests are occurring in Bahrain, in the town of Diraz several thousand people protested after Friday prayers despite the ban on demonstrations.
•    In Yemen, forces have opened fire at anti government protesters in Sanaa after Friday’s prayers.
 
Oil & Gas News:
•    Moody’s has warned that persistently high oil prices around USD 100 will weaken the global economic recovery.
•    Credit Suisse have raised their 2011 Brent Crude price forecast by 24% from USD 85 to USD 105.80, and their 2012 price forecast by 18% from USD 85 to USD 100.50.
 
Weather news:
The Weather Insight forecast sees temperatures for the next 6-10 days in the US to be 7.9F below the 10-year average for this time of year and 7.1F lower the 30-year average.
• Northeast: forecasts that temperatures have fallen 2F over the last 12 hrs
• Texas: forecasts that temperatures have risen 0.8F over the last 12 hrs
• Southeast: forecasts that temperatures have risen 0.3F over the last 12 hrs
• West: forecasts that temperatures have fallen 1F over the last 12 hrs
The NHC reports no tropical cyclones at this time.

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