Gaddafi to Quit and Leave Libya?

While Libya’s civil war is still raging  indecisively, perhaps Colonel Muammar Gaddafi already sees the end. According to A-sharq-el-awsat, a newspaper published in London, the Libyan ruler is ready to quit and leave the country.

The paper says that Gaddafi is ready to resign and pass over control to the rebels, if he is guaranteed a safe exit from the country for him and for his wide family. Gaddafi wants to be immune from a trial in the international criminal court (ICC).

Earlier we’ve heard that Gaddafi may flee to Zimbabwe – his long time friend Robert Mugabe might await him in Harare and guarantee him a nice retirement.

In the meantime, the civil war continues to rage in Libya, with many casualties and no decisive victory for any of the sides. In the past few days, battles have rage around the center of country, around Bin Jawad and Ras Lanuf – which has a port that exports oil. Around 200,000 barrels are sent abroad every day, when the tankers operate normally there. These are not normal times.

The price of WTI crude oil has passed the $106 mark as markets opened on Monday. Brent oil is already above $117. The rising price of oil helps the Canadian dollar and hurts the US dollar across the board. The Swiss franc also enjoys these times of trouble. EUR/USD is stuck between the weakness of the dollar and the imminent rate hike in Europe, and the European debt crisis.

Another reason for the soaring prices of oil is that Saudi day of rage happens today instead of Friday, and these protests in Saudi Arabia will continue until they peak on Friday. Saudi Arabia is responsible for around 40% of the world’s oil.