Crude Oil May Fall on Fed-Speak, Libya Peace Deal WTI Crude Oil (NY Close): $112.79 // +2.49 // +2.26% Prices are hitting resistance at the top of a rising channel that has guided the uptrend since December 2008, with deeply overbought relative strength readings warning of a pullback ahead. Initial support lines up at $106.95, the March 11 session high. Crude remains firmly correlated with the MSCI World stock Index, suggesting sentiment trends remain an important pace-setter, but the geopolitical landscape may once again capture the spotlight over the near term following news that embattled Libyan leader Muammar Qaddafi has agreed to a cease-fire with rebel forces to be mediated by the African Union. The AU is seen as too close to the Colonel however and may be rejected by the Bengazi-based opposition, so this latest overture may yet prove to be a non-start akin to the deal offered by Venezuelan President Hugo Chavez some time ago. While there is nothing of note on the economic calendar, NY Fed president Bill Dudley and Fed Vice-Chair Janet Yellen are scheduled to hit the wires. Both policymakers are notable doves and their remarks may prove to weigh on broad-based sentiment, driving crude lower along with the spectrum of risky assets. Must Read An Insider’s view of workers at the Fukushima nuclear plant (PHOTOS) Government Shutdown: 1995 Shows What Could Have Been Sponsorship Link How to make money from gold investment

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