Middle East unrest affects oil prices

The price of a barrel of oil has hit its highest level since September 2008 after the instability in Libya, with Brent Crude reaching $110 a barrel.

Libya accounts for 2% of global production.

Several of the big foreign oil companies there have halted operations with 300,000 barrels per day already out of the system.

But investors are also concerned about the world's top exporter - Saudi Arabia - if it suffers similar unrest.

Saudi has yet to increase its production to compensate for the slow down in Libya.

Amrita Sen, a commodities expert from Barclays Capital, believes that the oil price still has some way to go.

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