With a Rebel Yell

Newspaper headlines have been screaming the conquest of Tripoli, and by all measures it appears that it is just a matter of time until Libya’s rebel forces usurp Muammar Qaddafi’s official rule. The world is attentively watching as the hunt continues for Libya’s deposed leader, but celebration in oil markets may be premature. Despite strong support from the international community, the political stability of an ex-Qaddafi state remains a major wildcard in global petroleum markets. The news of the rebels’ progress has taken the edge off of Brent crude oil prices in the short run, but refiners dependent on light sweet crude oil imports will likely have to keep looking elsewhere for supplemental barrels until production fully resumes. Download here