Brent crude falls more than $1/bbl on rebel surge in Libyan capital

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.

By: Nurluqman Suratman

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