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Oil price: supply woes show no sign of abating as deadly clashes erupt in Libya

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The Libyan oil output that has been in steady  decline this year was dealt a major blow on Saturday when the deadly clashes between two opposing governments resulted in 23 fatalities and many more wounded fighters. It goes without saying the impact on the current oil prices due to the volatility in the North African country that has the largest crude reserves in the region.

Libya is not the only factor that raises the concerns about the supply woes at present, when the global economy, as a whole, brace itself for difficulties ahead.

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