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Oil prices hit record highs since 2014, and Libyan look forward to improving their economic situation

The Address | Benghazi – Libya

NEW YORK – “Oil futures jumped more than $2 a barrel Monday, rising to levels not seen since November 2014, as U.S. sanctions on Iran loom and a North American trade deal fosters growth,” Reuters reported today.

According to the international news agency, “Brent futures LCOc1 settled at $84.98 a barrel, up $2.25, or 2.7 percent. In post-settlement trade, the contract continued to strengthen, rising to $85.45 a barrel, the first trade above $85 since November 2014. U.S. light crude futures CLc1 were up $2.05 a barrel at $75.30, the highest since November 2014.”

As oil prices rise, people in Libya look to improve the country’s economic situation. Libya has suffered a severe economic crisis since 2015 because of the deterioration of the security situation in the country and the control of armed militias on the city of Tripoli and sovereign institutions such as the Central Bank of Libya and Libyan Foreign Bank.

 

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