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Brazil, Portugal maintain strategic alliance
Brazilian Foreign Minister Antonio Patriota met with his Portuguese counterpart Luis Amado on Friday and they discussed bilateral issues and the economic situation in the euro zone.Speaking at a press conference after their meeting, the ministers said they agreed the two countries will maintain their strategic alliance.
Portugal and Brazil, which currently hold non-permanent seats at the UN Security Council and maintain good relationships with both Palestine and Israel,[link widoczny dla zalogowanych], can make an important contribution to efforts to tackle the current challenges in the Middle East,[link widoczny dla zalogowanych], Amado said.
Amado said they also discussed the situation in the Arab world and agreed that stability in the Middle East "is crucial for peace and even for the world economy in the next decade."The international community must act within the UN framework in seeking reconciliation and violence prevention in nations that are being threatened by a political crisis, they said.
Patriota and Amado also reaffirmed their countries' commitment to reaching a free trade agreement between the EU and Mercosur,[link widoczny dla zalogowanych], a Latin American trade bloc that groups Brazil,[link widoczny dla zalogowanych], Argentina,[link widoczny dla zalogowanych], Paraguay and Uruguay.Negotiations for the agreement were resumed last year and a meeting to address the issue will be held in Brussels next month.
Oil falls on profit taking
Crude oil price fell slightly on Friday as investors took profit before contract expiration and a long weekend,[link widoczny dla zalogowanych], but continued unrest in the Middle East kept a floor under prices.Light, sweet crude for March delivery edged down 16 cents to 86. 20 dollars a barrel on the New York Mercantile Exchange,[link widoczny dla zalogowanych], while the benchmark for April delivery rose 87 cents to settle at 89.71 dollars a barrel.
For the week, front-month crude rose 62 cents or 0.72 percent.In London,[link widoczny dla zalogowanych], Brent crude for April delivery lost 7 cents to settle at 102.52 dollars a barrel on the ICE Futures exchange.U.S. markets will be closed next Monday for the Presidents' Day holiday. Investors tended to take profit as contract for March will expire next Tuesday.Meanwhile, China raised bank reserve rate to control inflation, suggesting a potential economic slowdown in the big oil-consuming country.
But the continued instability in the Middle East gave oil prices a support. Clashes happened in Libya,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], Yemen and Bahrain between the protesters and police, causing deaths and injuries and sparking concerns about supply disruption among investors.The dollar index dropped on Friday,[link widoczny dla zalogowanych], which also limited the losses of oil prices.
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