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Oil jumps on unrest

Brent crude oil prices hit $108 a barrel for the first time since 2008 yesterday on fears that spiraling violence in Libya could lead to wider supply disruptions from the OPEC member.

LONDON – Brent crude oil prices hit $108 a barrel for the first time since 2008 yesterday on fears that spiraling violence in Libya could lead to wider supply disruptions from the OPEC member.

U.S. oil prices led the rally to jump by more than $5, the most in more than two years, as traders also rushed to cover short positions in the key Brent/WTI spread, which had blown out to a record $16 a barrel.

 
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