Tensions in the Middle East have started to ease a little after Libyan leader Muammar Gaddafi accepted the international peace plan to end the crisis bludgeoning in Libya. Both, Gaddafi and the president of the Arab League agreed to a peace plan from Venezuela's President Hugo Chavez which was threatening to descend into an all-out civil war.
The prospect of a deal eased the upward pressure on oil prices. Escalating Libyan crisis fears have been spilling over oil supplies. Brent crude futures hit highs of USD 119.79 last week, when the Libyan unrest threatened to wade through the waters of other oil-producing nations, leaving the market jittery. Libya produces 2% of the world's oil output. In an interview with CNBC-TV18, Jonathan Barratt, the managing director of Commodity Broking Services, speaks about the situation in Libya, how global markets are reacting to oil prices and his outlook for the commodity market. Below is a verbatim transcript of his interview with CNBC-TV18Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
