Gasoline futures fell Thursday from the 30-month highs they set the day prior amidst signals that Saudi Arabia plans to make up for decreased production from Libya by shipping more oil to Europe, Bloomberg reports.
Libya, currently embroiled in anti-government protests some analysts believe will devolve into a civil war, typically pumps 1.6 million barrels of oil per day, primarily to Europe. Saudi state oil company Aramco reportedly offered two European refiners additional shipments of Arab light oil.
"There's talk among ship brokers the Saudis plan to move product into Europe, alleviating some concerns on supply," Addison Armstrong, market research director at Tradition Energy in Connecticut, told Bloomberg. "And all these energy markets, with the exception of natural gas, are overbought."
Just prior to 1:30 p.m. on Thursday, gasoline futures were down 0.98 percent, a $2.98 decrease to $2.9997 per gallon. Brent crude futures slipped 1.83 percent, a $2.13 cent drop to $114.22 per barrel.
Many analysts are closely eyeing the oil-rich Middle East and the uprisings that already have toppled two long-time leaders in Tunisia and Egypt.
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