"Brent crude spiralled above $124 a barrel to its highest since August 2008, driven up by attacks on three installations in the east of Libya by forces loyal to Libyan leader Muammar Gaddafi.
The raging civil war has cut the North African nation's daily output of 1.6 million barrels by 80% in the past seven weeks.The price spike drove UK factory gate prices up by a far worse than expected 0.9% during March, adding to the Bank of England's problems wrestling with inflation of 4.4% - more than double its 2% target. Input prices rose even more steeply, up 3.7% on the month after a near-10% rise in crude oil"........read more here
The raging civil war has cut the North African nation's daily output of 1.6 million barrels by 80% in the past seven weeks.
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