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Libya threatens oil production cut-prices rise again

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Libya threatens oil production cut-prices rise again

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Oil prices have risen some three dollars after Libya announced it was to study options to cut output in response to US threats against oil producers. Libyan oil chief Shokri Ghanem said Libya was considering a production cut because of a bill before the US congress that would empower the Justice Department to sue members of OPEC for limiting oil supplies. Prices for West Texas intermediate are around 140 dollars a barrel.