Crude Oil Down as Rebels Take Over Most of Tripoli

The rebels are now said to be in control of 90% of Tripoli. Photo by dariknews.bg

The rapid development of the events in the Libyan capital Tripoli has resulted in Brent crude oil prices in Asian trade

Brent North Sea crude for October delivery dropped USD 2.37 to USD 106.25 from Friday's close, The Sidney Morning Herald has pointed out.

New York's main contract, light sweet crude for September delivery, decreased 25 cents to USD 82.01.

Libya produced 1.6 million barrels of crude oil per day, nearly 2 percent of global supply, before the war cut output. The North African country is the world's 17th oil producer.

After Libyan exports stopped, Brent reached a two-year high of  USD 127.02 in April.

Two of Gaddafi's sons, Seif al-Islam and Mohammed,  have already been captured by rebel forces who have moved onto the downtown districts of Libya's capital Tripoli. The rebels are now said to be in control of 90% of the city.

The whereabouts of Colonel Muammar Gaddafi are still unknown.

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