As Africa's third-largest producer of the commodity, Libya is in the midst of attempting to repel anti-government protests of the sort that earlier this month sacked the Hosni Mubarak, the former leader of Egypt, Libya's easterly neighbor. Muammar Gadhafi, who has held the reigns of power in Tripoli for the past 42 years, has vowed to remain and not bend to the will of protestors.
"We need to have a bit more clarity on how bad this oil situation could become," David Kelly, chief market strategist at JPMorgan Funds in New York, told Bloomberg.
Shortly before noon on Thursday, Brent crude oil futures were up 2.62 percent, a $2.91 increase to $114.16 per barrel.
"Fear itself in the oil markets is a very dangerous thing," Kelly told the news service. "In the long run, I don't see the world oil production being affected. If what's going on isn't enough to derail what seems to be a strengthening U.S. expansion, then, it's just a minor correction, not another bear market."
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