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Oil Price Jumps More Than 8 Percent Over Libya Unrest


The price of oil has jumped more than 8 percent amid heightened concerns about the impact of the crisis in Libya on oil supplies.

Crude on February 22 closed at $93.57 a barrel on the New York Mercantile Exchange -- a gain of 8.5 percent over the previous close.

In London, Brent North Sea crude settled at $105.78 a barrel on February 22 -- its highest close since September, 2008.

Reports say the conflict between protesters and Libyan leader Muammar Qaddafi's regime has raised concerns about the stability of global oil supplies.

Libya provides nearly 2 percent of the world's oil output, and reports say some oil operations in the North African country have been disrupted by the unrest.

compiled from agency reports
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