Sunday 20 January 2019

Oil price crisis grows

Brent crude futures have climbed above $110 a barrel as fears grow that the unrest in Libya could spread to other oil producing nations and cut off supplies.

The cost is now at levels not seen since early September 2008. Between 300,000-400,000 barrels per day of Libyan output has been shut down, marking the first cut in oil supplies related to the recent wave of protests in North Africa and the Middle East.

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