Rumors Gaddafi Stepping Down

The BBC is hearing news out of the Middle East that Muammar Gaddafi may be stepping down.

Citing Arab press sources, the BBC is reporting that Gaddaffi has started negotiations with revels to step down and leave the country. Pan-Arab newspaper al-Sharq al-Awsat is reporting that Col Gaddafi has contacted the rebel Transitional National Council to allow him to leave the country safely with his family.

In return, Gaddafi would hand over power before Libya's parliament, the General People's Congress.

Keep in mind these are rumors, but oil has moved well off its highs, so perhaps there is something to these rumors. Benzinga will have more on these rumors as it develops.