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."
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