Oil groups prepare to close down in Libya

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Oil groups prepare to close down in Libya

By Blas in Dubai

Published: February 21 2011 16:35 | Last updated: February 21 2011 21:13

Oil production in Libya is set to drop dramatically as major international

companies and sub-contractors evacuate their staff from the north African

country, potentially sending oil prices much higher.

Crude oil prices shot up on Monday to a fresh 2½-year high above $105 a barrel

as traders braced for the impact of political unrest in Libya, the first major

oil exporting country to be hit by turmoil in the Middle East. Brent rallied

further in after-hours trading, up to $108.70 a barrel.