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Summary World oil prices surged on Wednesday amid unrest in Libya and the Middle East.
Oil-rich Libya was producing 1.69 million barrels a day before the unrest, according to the International Energy Agency. It is now producing 400,000 barrels a day. Air strikes against Libya by US, British and French fighters continued to press the markets after an uprising last month forced the closure of more than three-quarters of the countrys crude production.Popular uprisings have already toppled the leaders of Tunisia and Egypt and are now threatening the rulers of Libya and Yemen while there have also been anti-government movements in Bahrain, Iran, Saudi Arabia, Syria and Yemen.
