Oil prices are expected to fall, with the potential overthrow of Libyan strongman, Muammar Gadhafi, looming.
As the rather undisciplined rebels launch an offensive within the Libyan capital, Tripoli, even with the expected ressistance of pocket forces of the Libyan dictator, the overwhelming force of NATO's air support should aid the rebels in finally breaking the back of Gadhafi's ressistance.
Gadhafi's overthrow is virtually now a matter of when, not if, particularly in light of the news that his son Saif al-Islam, who was widely viewed as his heir-apparent, has been captured and is currently being held by the rebels.
Saif al-Islam was educated in the West (has a doctorate from the London School of Economics) and has been the de-facto face of the Libyan government all through the six-month civil war.
Prosecutor Louis Moreno-Ocampo of the much maligned International Criminal Court (ICC), confirmed that Saif al-Islam was in custody of the Libyan rebels.
The rebels also stated earlier today, that another of Col. Gadhafi's sons, Mohammed Al-Gadhafi, had been captured and was also in their custody. Col. Gadhafi's whereabouts are however unknown and it has been reported that he may have fled into neigbouring Algeria.
The immediate impact of the fall in global oil prices may not be felt for months, particularly with the uncertainty that still surrounds the identity of the rebels and the expected chaos, that is sure to follow their overthrow of Gadhafi.
Independent analysts expect oil markets to respond by Monday, with oil prices trending downwards in anticipation of an end to the Libyan crisis.
Although Libya traditionally contributes less than 2% of the world's oil supply, much of which has been cut-off since the conflict started, its loss affected prices due to its high quality and its apparent suitability for European refineries.
If the expected overthrow of Gadhafi is followed by a smooth transitional period, then we may see oil production resume sooner from the Libyan oil reserves and that should help stabilize the markets, beginning with the European markets, analysts say.
NATO, the United States and indeed the international community, can however help in the process of ensuring that Libya does not become another IRAQ.
This is where the leadership of the United States will be paramount and one can only expect that the White House will not cede this role to either France or Great Britain, two nations (France in particular) that are deeply mistrusted in that part of the world.
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