Oil Spiking Today on Turmoil in the Middle East

by Marilou Moursund on February 22, 2011

in Energy,Foreign Markets,Geopolitical

Oil is off its high this morning, but it is still trading up $5.00 to $94.67. Libya is Africa’s largest producer of light sweet crude, and production is already being

shut down due to the escalating violence. The post right below this one is a detailed look at Libya’s energy industry by Stratfor. Most of Libya’s production goes to Europe, and the Borsa Italia didn’t open today due to Italy’s close business ties with Libya.

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