Oil Prices Ease, Shrugging Off Failure of Ceasefire Agreement in Libya

Commodity rallies eased today after strengthening broadly in the previous week. Currently trading at $122.45/bbl, the front-month contract for WTI crude oil fell $1/bbl from a 31-month high of $133.46/bbl made earlier in the day. Similarly, the equivalent Brent crude contract slid almost $1/bbl to $126.15/bbl after climbing to as high as $127.02/bbl in Asia today. Rebels in Libya rejected a ceasefire plan in which the African Union proposed to allow Qaddafi and his family to retain power.

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Oil Prices Ease, Shrugging Off Failure of Ceasefire Agreement in Libya