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Political Economy Archive: Oil

Oil prices surge as violence in Libya escalates

Oil prices surged for the fifth day on Wednesday as anti-government protests in North Africa spread to the oil exporting nation of Libya. Crude oil prices were approaching $100 a barrel in New York. Traders were shorting the dollar and going long in gold as a safe haven. Shares of airline companies, some of which announced they were raising fares due the rise in fuel prices, were falling. American Airlines was off 5 percent and Delta 2.5 percent. Southwest and JetBlue were also in negative territory.

By Ariana Eunjung Cha  | February 23, 2011; 12:37 PM ET  |  Permalink  |  Comments (23)
Categories:  Oil  
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