Update: Libya unrest rattles markets; oil prices jump
NEW YORK (AP) -- Stocks fell sharply and oil prices spiked to their highest level in two years today as the unrest in Libya worsened.
Oil prices jumped 5 percent to $95 a barrel today. The fight between protesters and forces loyal to the Libyan leader Moammar Gadhafi threatens the country's oil production. Libya is the world's 18th largest oil producer, accounting for 2 percent of global daily output. It also sits atop the largest oil reserves in Africa.
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