Oil has hit its highest mark at $124 as a result of recent attacks on Libyan oil fields, a 32-month high.
The attacks on Libyan oil fields have increases the threat of long-term supply cuts and possible shortages, causing prices in the market to skyrocket.
“Troubles in Libya mean Gaddafi has caused damage to the Sirte basin, which has about two thirds of their oil; there’s dolls weakness and some very large fund action piling into the market in oil and base metals,” said Rob Montefusco, according to a Rueters report.
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