Oil prices are on the upper end of the post 2008 financial crisis range. So far each time prices rose to the 110+ region they have backed down again.
While Syria has been getting all the news, Libya's declining oil production may be another reason for firm oil prices. A recent
WSJ article (September 10, 2013) highlights the situation. Considering the vast majority of Libya's GDP is derived from the energy sector (
CIA Factbook) this does not bode well for the new post Gaddafi Libya.
I suggest keeping an eye on the price of oil. If it gets much higher it may temper the recent positive economic news.
Additional reading:
http://en.wikipedia.org/wiki/Economy_of_Libya
http://en.wikipedia.org/wiki/Libyan_civil_war
Disclosure: Own oil service, energy, and pipeline stocks
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