Exchange traded funds (ETFs) for gold and oil, which have been rising on turmoil in the Middle East and North Africa, were set to open lower Monday following reports Muammar Gaddafi has accepted a peace plan to end the violence in Libya.

The plan calls for an immediate ceasefire, according to reports.

U.S. Oil Fund (NYSEArca: USO) was down more than 1% in Monday’s premarket, while an ETF for gold, SPDR Gold Shares (NYSEArca: GLD), slid 0.5%.

The oil ETF closed Friday with a gain of about 20% over the past three months while supply disruptions in Libya and worries the violence could spread in the region have lifted crude futures. [Oil ETF Rallies.]

U.S. Oil Fund

For full disclosure, Tom Lydon’s clients own GLD.

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