Oil Prices Decline as Saudi Arabia Increases Production

Despite continuing violence in Libya, stock prices appear headed for a higher open in North America after positive returns in Asia and during morning trading in Europe. Oil prices also retreated after Saudi Arabia said it would increase oil production to make up the shortfall caused by a reduction in Libya’s output.

In Asia, Japan’s Nikkei 225 stock average rose 0.7 per cent and South Korea’s Kospi also added 0.7 per cent. Hong Kong’s Hang Seng index jumped 1.8 per cent while the Shanghai Composite Index moved slightly higher by about 0.1 per cent.

European stock exchanges all advanced and by mid-day London’s FTSE 100 index gained 0.92 per cent, Frankfurt’s DAX was up 0.54 per cent and the Paris CAC 40 advanced 1.289 per cent.

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