If that happens, oil prices will surely start dropping which will be good news as oil prices skyrocketed to US$93 per barrel when fighting started. It was traded around US$84 per barrel before that. By the end of April, oil price has reached over US$110. With the country in crisis, some daily 1.5 million barrels of oil which Libya exports have been halted. Although that is barely 2% of the total world demand, its superior quality for European refineries have affected the global oil prices.
Recently, global steel prices have soared three-fold, and Taiwan’s steel stock prices have almost doubled at least simultaneously. This is a phenomenon that has never