Oil falls sharply as Libyan uprising reaches capital

Brent crude fell back sharply towards $100 overnight as the Libyan uprising moved closer to its conclusion.

The price of brent crude futures fell $3, or 2.7%, to $106 per barrel, as rebels entered the Libyan capital of Tripoli, sparking expectations the uprising could be over soon. Oil prices soared after the crisis erupted as supplies from Libya - the world's 12th largest oil producer - were disrupted. The country accounts for 2% of global oil production when operating at full capacity, producing around 1.6m barrels a day, and analysts expect the country would quickly be able to restore much of this supply. An end to the conflict is expected to exacerbate the fall in oil prices which ha...