Former dicator reportedly survives NATO air raid on his vehicle and runs for cover, but is captured by loyalist forces - who almost immediately post a gory video to YouTube.

The battle for Tripoli continues as the residue of Gaddafi loyalists in several southern and central areas provide resistance to Libyan rebels.

8AM UPDATE: Rebels have taken control Muammar Gaddafi’s fortified Bab al-Azizya headquarters in Tripoli, ending his 42-year dictatorship.

US MARKET CLOSE (8AM): World sharemarkets responded positively to the imminent overthrow of Libyan dictator Muammar Gaddafi and a fall in oil prices.

Reports from the capital Tripoli say rebel forces now occupy much of the city, including the central Green Square, and Muammar Gaddafi's regime is offering little resistance.

Futures top $US122 a barrel.