Oil prices have been rising since Friday due to the turmoil in Libya.

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Oil producing nations have emergency reserves to draw on to stabilize markets in case the violence in Libya and the wider Middle East escalates to seriously affect energy production, officials said Monday.

International executives and analysts meeting in London were nervously watching developments in the oil-rich region, worried about the sharp shock political unrest is giving to crude oil prices.

Oil prices rocketed on Monday after Seif al-Islam Gadhafi, son of Libyan leader Moammar Gadhafi, warned protesters on Sunday that they risked igniting a civil war in which Libya's oil wealth "will be burned." By early afternoon in Europe, benchmark crude for March delivery was up $3.10 to $89.30.