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London - Oil prices dropped below 100 dollars on rumors that Muammar al-Gaddafi, who is desperately clinging to his role as leader of Libya, was shot by a soldier in Tripoli.

According to the Daily Mail, oil had hit a high of 120 dollars a barrel on Thursday afternoon, but settled at 97 dollars on the rumour and on Saudi Arabia's claim that it can counter any supply disruptions from Libya.

A senior U.S. official however said that the U.S. has no reason to believe that Gaddafi was dead or had been fired upon.

The rumour emerged amid other claims that the Libyan dictator was preparing for a blood-soaked final stand in Tripoli.

Meanwhile, Gaddafi's former long-time ally and Justice Minister Mustapha Abdeljalil has predicted that he would follow in Adolf Hitler's footsteps by killing himself rather than give up power.

"Gaddafi's time is up. He is going to go like Hitler. He is going to commit suicide," Abdeljalil said.

Source: ANI