On 17 September The Wall Street Journal published a fascinating article on “peak oil,” “There Will Be Oil,” written by Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, an energy research and consulting firm and deserved recipient of Pulitzer Prize for his 1991 book, The Prize: The Epic Quest for Oil, Money and Power.

Muammar Gadhaffi’s 42 year-old regime is in its death rattle – maybe today, maybe tomorrow, his administration that has ruled Libya with a quixotic and brutal hand is about to pass, in Trotsky’s piquant phrase, “into the dustbin of history,” prompting the question “what next?”

Crude oil prices rose to 2-1/2 year highs on Monday as worries about supply disruption increased due to deepening unrest in Libya, while Asian stocks declined as concerns about the Middle East also weighed.

Crude oil was higher overnight as it extends the rally off last week's low due to unrest in Libya and rising concerns over possible disruption of the flow of crude oil from the Middle East. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.