Oil Hits Fresh Two-Year High as Libya Tensions Mount
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Oil prices have hit a new two-year high on Friday, the same day that the government reported that the unemployment rate fell to 8.9 percent last month, the lowest level since April 2009.
The price of oil hit $103.57 in electronic trading on Friday, the highest since September 29, 2008, as tensions in Libya continue to escalate.
On Friday, forces in Libya loyal to Moammar Gadhafi used tear gas to suppress protesters that are marching Tripoli. Most of the oil production in Libya has been shut down due to the crisis.
The Labor Department reported on Friday that the U.S. economy added 192,000 jobs in February.
The price of oil hit $103.57 in electronic trading on Friday, the highest since September 29, 2008, as tensions in Libya continue to escalate.
On Friday, forces in Libya loyal to Moammar Gadhafi used tear gas to suppress protesters that are marching Tripoli. Most of the oil production in Libya has been shut down due to the crisis.
The Labor Department reported on Friday that the U.S. economy added 192,000 jobs in February.
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