Oil Mixed as Libya Conflict Seems Close to Ending

By: Associated Press
By: Associated Press

Oil prices are mixed Monday as a rebellion in oil-rich Libya appeared close to ending.

The ouster of Libyan leader Moammar Gadhafi's could allow the nation to resume oil exports, which have stopped during the country's six-month conflict. That could ease global supply constraints that drove fuel prices to three-year highs earlier this year.

But experts say it's unlikely that Libya could get its oil production running soon because of damage to oil fields and pipelines.

Brent crude, which is used to price many international oil varieties, dropped $1.47 to $107.15 per barrel on hopes of fewer supply constraints. Benchmark U.S. crude rose, however, by $1.58 to $83.99 as traders used a financial strategy to take profits.

Retail gasoline prices dropped less than a penny to $3.569 per gallon.

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