Brent drops more than $3, on possible Libya peace plan

SINGAPORE Thu Mar 3, 2011 12:33pm IST

A customer fills his motorcycle at a petrol station in Nice, southeastern France, March 2, 2011. REUTERS/Eric Gaillard

A customer fills his motorcycle at a petrol station in Nice, southeastern France, March 2, 2011.

Credit: Reuters/Eric Gaillard

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SINGAPORE (Reuters) - Brent crude fell more than $3 on Thursday to an intra-day low of $113.09 per barrel as investors eyed a possible peace deal in Libya brokered by OPEC-member Venezuela.

The head of the Arab League confirmed that a Venezuelan peace plan mooted by President Hugo Chavez was being considered by Libyan leader Muammar Gaddafi.

U.S. oil prices dropped $1.19 to $101.04 per barrel.

(Reporting by Luke Pachymuthu; Editing by Ed Lane)

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