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Oil soars as UN acts over Libya

OIL prices soared after the United Nations Security Council authorised military force against Libyan strongman Muammar Gaddafi.

US crude futures, which had jumped to $101.42 a barrel in regular trading before the UN vote, rose to $102.94.

The price of oil in London was at $116 a barrel as Gaddafi vowed to launch a final assault on the opposition's capital Benghazi and mount terror attacks across the Mediterranean. UN Air attacks aimed at Col Gaddafi's forces were reportedly expected today.

Oil markets are also being influenced by the situation in Japan, in the wake of the 9.0 magnitude earthquake and tsunami which hit the country last week, sparking a nuclear crisis.