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Oil prices to double, warning

U.S. oil prices surged to $100 a barrel for the first time since October 2008 yesterday, as the revolt in Libya fanned fears of inflation and a stalled recovery.

U.S. oil prices surged to $100 a barrel for the first time since October 2008 yesterday, as the revolt in Libya fanned fears of inflation and a stalled recovery.

Brent crude futures in London jumped above $110 a barrel, fueling concerns that if oil rises enough, it could slow global economic growth.

“Oil prices are not likely to fall anytime soon,” said Shelley Goldberg, energy strategist at Roubini Global Economics in New York.

Meanwhile, Japanese bank Nomura said if countries like Libya halt production because of unrest, the price of oil could reach $220 a barrel.

 
 
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