Oil Price Drops on Libya Cease Fire News

The price of a barrel of crude oil has dropped after word of a cease-fire in Libya came out. According to the Libyan government, it will immediately stop fighting rebel forces. This comes after the UN Security Council okayed a plan to implement a no-fly zone in the country, and perhaps airstrikes.

Oil today had reached over $103 but has now dropped again:

Benchmark crude swiftly dropped afterward on the New York Mercantile Exchange, with the price plunging about $3 in 15 minutes, or nearly 3 percent. West Texas Intermediate oil for April delivery fell 57 cents to $101.85 in morning trading on the Nymex.
In London, Brent crude lost 55 cents at $114.10 per barrel on the ICE Futures Exchange.

It looks like it should stay around $95 as Libya remains unstable for now.

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