22 August 2011 04:38 [Source: ICIS news]
SINGAPORE (ICIS)--Brent crude oil futures fell more than $1/bbl in early Asian trade on Monday, on hopes that Libya could soon resume oil production as a six-month civil conflict seemed to be coming to a conclusion.
Rebels entered Tripoli on Sunday, taking control of the capital, except for President Muammar Gaddafi's Bab Al-Aziziyah stronghold, according to al-Jazeera Television.
At 02:41 GMT on Monday, October Brent crude on London’s ICE futures exchange was trading at $106.72/bbl, down by $1.90/bbl from the previous close. Earlier, the North Sea benchmark fell to a session low of $106.62/bbl, down by $2.00/bbl.
Meanwhile, September NYMEX light sweet crude futures (WTI) were at $82.68/bbl, up by $0.42/bbl from the previous close. The US September crude contract expires on Monday.
Crowds gathered at the capital’s main square early on Monday morning to celebrate the end of Gaddafi’s 42 year-old dictatorship, according to various media reports.
One of Gaddafi's sons have been captured by rebels, media reports said.
US President Barack Obama said in a statement late on Sunday that the Gaddafi regime “is showing signs of collapsing”.
"The future of Libya is now in the hands of the Libyan people," Obama added.
"The Gaddafi regime is clearly crumbling," said a statement published on the NATO website on Monday.
"The sooner Gaddafi realises that he cannot win the battle against his own people, the better," the statement added.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections