Crisis prompts oil price highs

Both Brent and US crude oil have rallied to two and a half year highs on the back of the crisis in Libya.

There are fears oil has got much further to go if the crisis spreads to other major oil producing countries in the Middle East and North Africa.

Libya is the third largest oil producer in Africa and Royal Dutch Shell says that all its expat employees have been withdrawn from the country.

Charlie Parker, Investment editor at Citywire says current oil prices are now far higher than Opec would like.

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