Brent oil prices trading down august 22 2011, as rebels enter Tripoli

Brent oil prices trading down august 22 2011, as rebels enter Tripoli ; Brent oil prices fell sharply in early trading today, currently near $105 a barrel as rebel forces advanced into the heart of Tripoli meeting little resistance, cheering and firing celebratory gunshots into the air.



Brent crude oil was down $3 as to $105.62 a barrel on early trading, while US sweet, light crude fell 0.8% to $81.57 in trading in Asia.



Latest Brent Oil Price



In London, Brent crude oil futures for October 2011 delivery was trading at $105.52 a barrel, 07.55 GMT this morning on the ICE Futures Exchange, down 3.2 percent over Friday’s closing price.



Libya, Supply and Oil Prices



As recently as 2009, Libya exported 1.5 million barrels a day, ranking it 12th in the world for crude oil exports. Libya’s output dropped to 100,000 barrels a day last month, which is less than 10 percent of the 1.59 million barrels the nation pumped in January.



Libya is a major oil exporter and has seen oil exports crushed since the popular uprisings that swept the Arab world early this year reached the North African nation.



“The immediate reaction should be that you’ll see more crude come onto the market.” said Jonathan Barratt, a managing director of Commodity Broking Services, Sydney.



“If the Gadhafi’s regime falls, Brent crude oil futures will come under downward pressure, as the Libyan oil disruption will be resolved.” said Singapore based Victor Shum, a Senior Partner at Purvin & Gertz.