Colonel Muammar Gadhafi, the longtime dictator of Libya, was killed during fighting in his hometown of Sirte, according to multiple reports.
The former leader's death should mark the beginning of the end for the longest and bloodiest of the uprisings sparked by the so-called Arab Spring that began in Tunisia last December.
The Financial Post reports that crude oil futures fell briefly with the initial announcement of Gadhafi's capture, markets reacting with some optimism that the news would lead to a more stable production from Libya.
By the time rebel officials reported his death, markets had already reversed course reacting to worries about supplies and continuing concerns about euro zone debt.
"The regime had already fallen," Olivier Jakob, oil analyst at Petromatrix, told the Post. "It will bring additional peace to the country but oil exports are already in the process of coming back — so there is no great change to the short-term supply and demand picture."
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.