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Oil price tops $116 as Libya airstrikes continue
Oil prices rose by $2 a barrel on Monday as a wave of U.N.-mandated airstrikes on Libya and proliferating unrest in the Middle East fanned concerns about oil supply from the region.
"With the nature of the external military involvement becoming clearer, there is a further escalation of the situation, and the damage to infrastructure might be larger, keeping Libya out of the oil market for longer," said Amrita Sen, an analyst at Barclays Capital.
"The market is very headline driven and we don't know what the next headline from Libya or Japan will be," said Olivier Jakob, an oil analyst at Petromatrix.
Read more at money.canoe.ca"The main question for the oil markets is how long production outage could last ... We could end up by having two countries or a protracted civil war. We assume Libyan oil exports will be zero for the next six months," said Mike Wittner, Head of Commodities Research at Societe Generale.
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