Hopes that fighting in Libya will end soon impacts oil prices

By late afternoon in London, Brent crude fell to US$107.1, while US sweet, light crude rose to US$83.1. News of rebels marching into Tripoli could result in an end to the strife in Libya and bring back Libyan crude to the markets (1.6 million bpd of crude at about 2% of the world's output). Oil prices initially fell, before rising again on greater optimism about the global economy. Markets are hoping that an end to the conflict in Libya (world's twelfth largest oil exporter) will see the country's oil exports restored, increasing global supplies. Oil prices were likely to fall further as the political situation in the country unfolds. However, some players opine that though the Libyan conflict seemed to be heading towards an end, there was still uncertainty about how fast the country's oil production could be restored to the pre-conflict levels.
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