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Oil prices hit a two year high

After weeks of unease, oil prices rose to a high not seen since 2008.

Amid fears that the conflict in Libya could turn into a civil war, with neither Gadaffi's forces, nor the rebels looking as if they will ease up on fighting, oil prices saw yet another rise today.

US light crude futures rose by $2.02 to $106.44 a barrel, the highest since September 2008, but then fell back slightly. Brent crude increased $1.53 to $117.40 a barrel.

Along with this, the entire stock market seems tetchy, with fears that a potential global energy crisis could scupper the economic recovery.

Fear in the futures markets is reported to be one of the main driving factors behind the price rises, even though Saudi Arabia remains reasonably calm, and the US having implied they may tap their reserves to help alleviate the impending crisis.

At the moment the Brent crude spot price - for immediate sale - is $116.06 whereas Brent crude futures have risen again, at $118.18.

Liam McLaughlin is a freelance journalist who has also written for Prospect and the Huffington Post. He tweets irregularly @LiamMc108.