Oil Prices Lift Canadian Dollar

Concern over the ongoing violence in Libya has pushed oil prices to two-year highs and has boosted the Canadian dollar more than half a cent to 101.65 cents US. Oil futures could move even higher as the Ghaddafi regime threatens to clamp down and protesters and even hints at deliberately sabotaging oil supplies.

Libya produces about 1.6 million barrels of crude per day and has the biggest oil reserves in Africa.

Source: The Canadian Press

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