Oil Market’s ‘Knee Jerk Reaction’ to Libya

CNN Money reports that Brent oil, Europe’s benchmark, plunged 1.2% to $107.27 a barrel, after reports of Moammar Gadhafi’s regime on the brink of defeat.

The market news is quoted as saying:

The decline in Brent may eventually translate into lower U.S. crude prices, but for now those prices are up 2% at $83.46 a barrel.

Click here to access the entire news