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Oil soars by $2 a barrel

OIL prices soared more than $2 (€1.41) a barrel this morning as the military action in Libya stepped up a gear.

The increase pushed the price of oil back towards the highest levels seen since September 2008.

Brent crude jumped 2pc to $116.22 (€82) a barrel today on the London-based ICE Futures Europe exchange.

Gold, which is viewed as a safer investment amid times of uncertainty, also rose sharply, to around $1,438 (€1,015) per ounce.