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Week Low in New York as Libyan Rebels Make Gains

Futures yesterday fell for a third day after rebel forces pushed westward with support from Allied air strikes on Sirte, Qaddafi’s hometown, as France and the U.K. said the Libyan leader “must go immediately.” Crude has rallied 23 percent since anti-government protests began Feb. 15 in the country, a member of the Organization of Petroleum Exporting Countries.

“Speculation that territorial gains by Libyan rebels could speed up a resolution and active discussions to have sanctions lifted on purchases of crude produced from Libyan fields no longer in Qaddafi’s control removed some of the supply risk premium from the market,” Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne said in an e-mailed note.

Crude for May delivery was at $103.87 a barrel in electronic trading on the New York Mercantile Exchange, down 11 cents, at 2:40 p.m. Singapore time. It fell as much as 80 cents, or 0.8 percent. Yesterday, the contract dropped $1.42 to $103.98, the lowest settlement since March 22. Futures have gained 14 percent between January and March, a third quarterly increase.

Brent crude for May settlement on the London-based ICE Futures Europe exchange was at $114.73 a barrel, down 7 cents. Yesterday, it declined 79 cents, or 0.7 percent, to $114.80.

Uprising

Libya’s conflict is the bloodiest in a wave of uprisings that has toppled the presidents of Tunisia and Egypt and spread to Algeria, Bahrain, Iran, Oman, Syria and Yemen.

OPEC, which pumps about 40 percent of the world’s crude, won’t need to compensate for a drop in Libyan output, according to Algerian Oil Minister Youcef Yousfi. Current oil prices are “not driven by fundamentals,” said Ali Al-Yabhouni, the United Arab Emirates governor to the 12-member group.

Blancpain, Léman Réveil GMT

The Replica Breitling Navitimer result is a more powerful sound and optimal resonance, whether the watch is worn or placed on a night-stand. The alarm is also indicated with a stop/start function controlled by two pushbuttons. The alarm time is selected in an original and accurate manner thanks to a double hour/minute disc in an aperture at 9:00. This timepiece also features a world-time display with rotating 24-hour ring and city disk. It has in particular been issued in two Master Compressor Extreme W-Alarm 46 limited editions dedicated to seven-time world motorcycling champion Valentine Rossi and his lucky starting number. And while on the topic of high adrenalin and adventurous feats, the Swiss Villemont brand and the Norwegian watchmaker Amundsen Oslo AS, which recently merged within the same group, presented the Solar Navigator Edition Mario Julen Limited Edition in 2007. This Replica Hublot big bang timepiece pays tribute to the Mount Everest expedition headed by Mario Julen in the spring of 2006 to commemorate the 50th anniversary of the first Swiss team to reach the roof of the world. It is particularly distinguished by its central alarm hand and its solar navigating system, a manual alternative to GPS.
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Blancpain, Léman Réveil GMT
“Anniversaire 1735-2005″
In its Léman Réveil GMT “Anniversaire 1735-2005,” Blancpain marries the alarm complication with the second time zone indication in an unusual way: the alarm hand is displayed with the second time zone display.

Vulcain, Golden Voice
In 2006, Vulcain launched a new collection called Golden Voice, with a softer, more discreet sound, strictly speaking closer to a “vibrate setting” than an alarm.