Libya announced ceasefire, on 19 March 2011, and stopped its military offensive operation against the pro-democracy rebels. Libya stated that it would initiate talks with opposition forces. Crude oil futures fell in New York as a result of this.
Earlier, the United Nations (UN), on 17 March 2011, imposed a no-fly-zone over Libya’s airspace besides authorizing all necessary measures to protect civilians under threat of attack in Libya.
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