Monday, 22 August 2011

Oil mixed as Libyan rebels seize parts of capital

 Updated at: 0738 PST, Monday, August 22, 2011
Oil mixed as Libyan rebels seize parts of capital

SINGAPORE: Oil prices were mixed in early Asian trade Monday as rebels seized parts of Libya's capital and the fate of leader Moamer Kadhafi hung in the balance.

New York's main contract, light sweet crude for September delivery, was up 82 cents to $83.08 a barrel from Friday's close in New York and Brent North Sea crude for October delivery dropped $1.59 to $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 Kadhafi will get out of the country," Shum told.

Libyan rebels surged into Tripoli Sunday in a final drive to oust Kadhafi 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." (AFP)

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