Crude oil prices spiked to their highest level since October 2008 as companies in Libya began slowing production in response to continuing protests against leader Moammar el Qaddafi, according to Dow Jones Newswire.
Prices spiked 7 percent to $92.60 as of 10 a.m. when the markets opened up after a three day weekend.
Libya is Africa’s third largest producer of oil, totaling 1.8 million barrels per day, and it holds the largest oil reserve on the continent.
Protests that started in Tunisia last month have spread to Egypt, Libya and other nations in the region. After news reports surfaced that Qaddafi had left the country, he appeared on state television contesting that claim.