Oil Trades Near One-Week Low on Bets Libyan Conflict May End

Oil traded near the lowest in a week in New York as Libyan rebels advanced against Muammar Qaddafi’s troops, bolstering speculation the conflict in Africa’s third-largest crude producer may be resolved soon.

Futures yesterday fell for a third day after rebel forces pushed westward with support from Allied air strikes on Sirte, Qaddafi’s hometown, as France and the U.K. said the Libyan leader “must go immediately.” Crude has rallied 23 percent since anti-government protests began Feb. 15 in the country, a member of the Organization of Petroleum Exporting Countries.