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Global Oil Prices Dropping; US Stock Futures Up After Strong Week

Comstock Images/Thinkstock(NEW YORK) -- Global oil is seeing a drop in prices Monday amid news that rebel forces in Libya are making gains.

West Texas crude futures fell to $105 a barrel overnight as Libyan rebels reportedly took control of at least two oil ports.  Their leaders say oil production will be resumed in the country soon.

Meanwhile, European and U.S. stock futures are up Monday morning after strong gains the week before.  Last week, the Dow and other averages saw their strongest weekly gain -- around three percent -- since last July.

The Asian stock market, however, is trending lower with more concerns about the dangerous radiation leak from Japan's cripped nuclear power plant.  Japanese automakers and other industries in the country are also still facing a huge challenge with rolling power blackouts and some parts suppliers knocked out by the earthquake.

Copyright 2011 ABC News Radio

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