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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/libya-crisis-hits-european-trading.jpg"><img class="alignnone size-full" title="The FTSE 100 index dropped 38.9 points to 5957.8" src="http://londonglossy.com/wp-content/uploads/2011/02/min-libya-crisis-hits-european-trading.jpg" alt="The FTSE 100 index dropped 38.9 points to 5957.8"/></a></p>
<p>The crisis in Libya has continued to impact trading on European markets amid fears the country&#8217;s power struggle could disrupt crude oil supplies.</p>
<p>Oil prices on the New York Mercantile Exchange neared 96 US dollars a barrel &#8211; the highest since October 2008 &#8211; as the Libyan government cracked down on protesters and foreign energy companies suspended oil production. </p>
<p>Libya holds the most oil reserves in Africa and is the world&#8217;s 15th-largest crude exporter at 1.2 million barrels per day.</p>
<p>The situation meant another volatile session for the FTSE 100 Index, which lost some of Tuesday&#8217;s late rally to stand 38.9 points lower at 5957.8.</p>
<p>Commodity-based stocks were impacted by the uncertainty as Kazakhmys dropped 26p to 1422p, Lonmin fell 30.5p to 1796.5p and Antofagasta declined 28p to 1355p.</p>
<p>Rexam provided the biggest fall in the FTSE 100 Index despite detailing a 45% rise in annual underlying profits to £412 million for 2010. </p>
<p>The figures were ahead of market expectations but with Rexam&#8217;s shares enjoying a strong run in recent weeks the stock fell back 4% or 13.6p to 356.4p.</p>
<p>In the FTSE 250 Index, shares in builders&#8217; merchant and Wickes owner Travis Perkins rose 2% &#8211; or 15.5p to 1054.5p &#8211; after it revealed a 20% rise in underlying profits and said the new financial year had started well.</p>
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