Stig Östlund

måndag, februari 21, 2011

Gold and oil prices soar as Libya crisis deepens

Investors and traders spooked by the growing turmoil in Libya have sent gold and oil prices soaring. This morning Colonel Gaddafi’s son said there would be ‘rivers of blood’ in Libya adding that the country was not like Egypt or Tunisia because it was a well-armed tribal society that would quickly descend into civil war.

Libya, which has more oil reserves than Egypt, is in the midst of anti government protests that have reportedly seen at least 233 people killed and army units defect. Yesterday the US and the UN also questioned the UK’s links to Gaddafi’s regime. This morning BP said it had suspended exploration in the country although it does not currently produce any oil in Libya yet.

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