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Oil price hits $114

CRUDE oil has breached $114 (e82.60) a barrel for the first time in more than two-and-a-half years.

Oil jumped by as much as 2.3pc to a fresh high amid warnings from the US that Libya could descend into civil war if Muammar Gaddafi remained defiant. On the forecourts prices for diesel and petrol have risen to new records.