* Gaddafi accepts roadmap to end civil war - African Union
* Chinese import data shows quarterly deficit
* Saudi Arabia reaffirms ability to pump more oil
(Updates prices, adds fresh quotes, previous SINGAPORE)
By Claire Milhench
LONDON, April 11 (Reuters) - Brent crude oil fell to $126 on
Monday and U.S. crude futures slipped after touching a
2-1/2-year high on prospects of a Libyan peace agreement and as
Saudi Arabia restated its ability to pump more oil if needed.
At 0900 GMT, ICE Brent crude for May <LCOc1> was down 60
cents to $126.05 a barrel after earlier falling over $1 to an
intraday low of $125.54.
The African Union said Muammar Gaddafi had accepted a
roadmap to end the civil war in Libya, including an immediate
ceasefire, but an opposition representative said it would only
work if Gaddafi left power. []
Carsten Fritsch, an analyst at Commerzbank, remained
sceptical about the prospects for peace: "We have seen such
peace plans before -- remember some weeks ago we had the
Venezuelan plan. Unless Gaddafi steps down I think there is
little room for discussion from the rebel side," he said.
The conflict in Libya has cut the country's 1.6 million
barrels per day oil output by around 80 percent, with much more
of an impact on Brent prices than U.S. crude. []
U.S. crude for May delivery <CLc1> was down 27 cents to
$112.52 a barrel after rising as high as $113.46 earlier, the
highest since Sept. 22, 2008.
Brent surged over $4 on Friday to settle above $126 a
barrel, the highest level in 32 months, as commodities rallied
due to a weaker dollar and continued fighting in Libya.
"It's a small correction after a huge jump on Friday," said
Fritsch. "Oil prices have now reached levels that are no longer
justified -- just driven by supply fears, not facts."
He pointed to Saudi comments at the weekend that it stood
ready to produce 12.5 million bpd if needed. [] "So
there is still a lot of spare capacity available," Fritsch said.
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More on Middle East unrest: [] []
Libya Graphics http://link.reuters.com/neg68r
Interactive graphic http://link.reuters.com/puk87r
Three-month technical views on 28 commodities:
http://link.reuters.com/pyx78r
Reuters Insider Special - Doomsday Scenarios for Oil:
http://link.reuters.com/ner88r
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The market was also watching the outcome of a bailout for
Portugal which could be bearish for oil if it does not go
smoothly, ANZ analyst Serene Lim said. []
MIDDLE EAST UNREST
Unrest in other parts of Africa and the Middle East that
could disrupt oil supplies is still a key concern for investors.
Dozens of unemployed university graduates and teachers
staged rare protests in two Saudi cities on Sunday to demand
jobs and better wages in the biggest Arab economy, which is
struggling to reduce joblessness. []
In Syria, a crackdown on popular dissent now in its fourth
week killed three people on Sunday, while Gulf Arab countries
called on Yemen's President Ali Abdullah Saleh to hand over
power to his vice president and allow the opposition to lead a
transition government that would prepare new elections.
[] []
The energy markets are also following the progress of
elections in Africa's most populous nation Nigeria, which
produces 1.9 million barrels of oil per day. []
Elsewhere, Chinese import data at the weekend showed a
quarterly trade deficit for the first time in seven years.
[]
"The trade gap was caused by surging prices for food,
energy, and other raw materials, as well as a long vacation
taken during the Chinese New Year in February," said Edward
Meir, a senior commodity analyst at MF Global Energy.
(Additional reporting by Florence Tan in Singapore;editing by
James Jukwey)
