Oil markets mixed as traders keep watch on Libyan rebel offensive

SINGAPORE: Oil prices were mixed in early Asian trade Monday as rebels seized parts of Libya's capital and the fate of leader Muammar Gaddafi hung in the balance.

New York's main contract, light sweet crude for September delivery, was up 82 cents to $83.08 a barrel from Friday's close in New York and Brent North Sea crude for October delivery dropped $1.59 to $107.03.

Traders are keeping a close watch on the unravelling events in Tripoli as rebels surged into the Libyan capital in a sudden final drive to oust Gaddafi, arresting his son, Seif al-Islam and seizing parts of the capital including the symbolic Green Square.

However, senior rebel figure Mahmud Jibril said there were still pockets of resistance in and around Tripoli and warned his forces to be cautious.

"The fight is not over yet," he said on rebel television Al-Ahrar. "God willing, in few hours our victory will be complete."

US President Barack Obama backed the rebel effort in a statement warning that Gaddafi's "iron fist" regime had reached a "tipping point" and the Libyan "tyrant" must leave to avoid further bloodshed.

Mr Obama also called on Libyan rebels who have surged into Tripoli to respect human rights, show leadership, preserve the institutions of the Libyan state and move towards democracy.