Why Libya matters to crude oil: Dennis Gartman

While the uncertainty in Russia, Iraq and Israel continues, investors should be keeping an eye on Libya, Dennis Gartman, editor and publisher of The Gartman Letter, said Monday.

"You have Libya who has been a very large supplier of crude oil to the world—at one point I think over 1.5 million barrels per day—now down at times to less than 200,000, and actually at times producing nothing, and that's a problem," he said CNBC's "Fast Money."

Gartman said that the situation in Libya is not being discussed nearly enough, even as most major nations have closed their embassies within the country.

As far as crude oil goes, Gartman said that WTI and Brent won't trade the same way.

"I think you're going to start seeing Brent, eventually, in the next five to six months, trading at what is more normal, parity to the WTI contract," he said. "So even though you have problems in Libya, I think one buys Brent and one sells WTI."

By CNBC's Leanne Miller