Oil prices fell this evening, pulling back after surging to 32-month peaks last week, as investors eyed an African Union plan to halt Libya's conflict.
Brent and US crude felt pressure when the African Union said Libyan leader Muammar Gaddafi had accepted a roadmap to end the civil war, including an immediate ceasefire, though rebels said any settlement would require Gaddafi to step down.
Profit-taking after last week's price gains and the dollar's early strength weighed on oil and other commodities. Brent crude fell $1.59 to $125.06 a barrel, while YS crude fell $1.96 to $110.83.
Analysts remain sceptical about the prospect for any Libyan peace deal. With Libyan production and exports curbed, Saudi Arabia is still seen as having capacity to fill any supply need, even as unrest and protests in Saudi neighbour Yemen, Bahrain, and Syria continued and were revived in Egypt.
The threat to demand from rising US petrol prices also was cited by brokers and analysts as helping drag crude lower.
