Gaddafi's fall uncertain for oil price

Gaddafi's fall uncertain for oil price
I Capital markets, Commodities
Posted at 10:02 by Joseph Cotterill Colonel Gaddafi’s grip on the Libyan capital has fallen away overnight, with loyal forces in control of only 15 per cent of Tripoli and his son in rebel custody, the FT reports. African countries are understood to be negotiating Gaddafi’s exile as rebels consolidate their control, according to Al Jazeera. While liberated oil refineries could reach up to 500,000 barrels a day within two months, Libya’s prized light sweet crude could take much longer to return to international markets and be priced into Brent crude, the WSJ reports. While economic fears have caused oil to fall in price far more precipitously than any effect from restored Libyan production, there is a much bigger lag in gasoline prices than usual, the WSJ adds.