Libya turmoil causes rise in oil price

22.02.11

The price of oil has jumped as a result to the civil unrest in Libya.

Brent crude had risen 2.6% to $105.2 a barrel by late afternoon, its highest level since before the 2008 financial crisis.

Oil production accounts for 95% of Libyan export receipts and 25% of the country's economic output.

European energy companies are evacuating some staff from the country, which is a major oil and gas producer for the European market.

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