NEW YORK, March 18 (UPI) -- Crude oil futures closed lower Friday on the New York Mercantile Exchange, settling at $101.07 on news Libyan strongman Moammar Gadhafi called a cease-fire.
Light sweet crude fell 35 cents, despite doubts about Gadhafi's sincerity. U.S. President Barack Obama warned Gadhafi there would be consequences if government forces did not end their attacks on rebel strongholds.