Oil mixed as Libyan rebels seize parts of capital
Last Updated: Monday, August 22, 2011 - 10:04
Singapore: Oil prices were mixed in early Asian trade on Monday as rebels seized parts of Libya's capital and the fate of leader Muammar Gaddafi hung in the balance.
New York's main contract, light sweet crude for September delivery, was up 82 cents to USD 83.08 a barrel from Friday's close in New York and Brent North Sea crude for October delivery dropped USD 1.59 to USD 107.03.
"This is really the main news event," Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore, said of the situation unravelling in Libya.
"Rebels have entered Tripoli... there have also been reports Gaddafi will get out of the country," Shum told AFP.
Libyan rebels surged into Tripoli yesterday in a final drive to oust Gaddafi as they seized swathes of the capital including symbolic Green Square and arresting the strongman's son, Seif al-Islam.
However, senior rebel figure Mahmud Jibril said there were still pockets of resistance in and around Tripoli and warned his forces to be cautious.
"The fight is not over yet," he said on rebel television Al-Ahrar. "God willing, in few hours our victory will be complete."
First Published: Monday, August 22, 2011 - 09:01
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