Five Things to Know Now: Oil Volatility Up

Asian shares fell to a nine-month low as oil prices sank. Later in the morning, European stock markets rallied because oil prices rebounded due to unrest in Libya which closed one port in the oil-exporting country.

Here are five things that matter for markets now:

• The price of oil briefly hit a five and a half year low before rebounding. U.S. crude futures fell more than 2.5% at one point to as low as $56.25 per barrel before rising back to positive territory. Brent international crude also hit a five-year low before rebounding on news of clashes in Libya that have closed down one of its oil-exporting ports.
• The Liberal Democrat party of Japanese Prime Minister Shinzo Abe cruised to victory in snap elections, ensuring that the reforms initiated by him, also known as "Abenomics," can go ahead.
• A gunman has taken hostages in a cafe in the business district in Sidney, Australia. The man had raised the flag of Islamist militant organization ISIS, sparking fears of a terrorist attack. Police are negotiating with him, while some hostages have managed to escape.
• PetSmart (PETM), the retailer of pet supplies, has agreed to be taken over by a private equity consortium led by BC Partners for $8.7 billion. It is the largest leveraged buyout of the year at a time when a strong stock market has meant private equity investors have been reluctant to make deals for fear of overpaying.
• The government shutdown threat in the U.S. is over. The Senate passed the $1.1 trillion spending bill on Saturday with 56 to 40 votes. This sends the bill to President Barack Obama, who is expected to sign it into law before federal spending authority expires at midnight on Wednesday.

At the time of publication, Antonia Oprita had no positions in any of the securities mentioned.