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An official statement issued by the Libyan Parliament Speaker Aqila Saleh confirmed Saturday the freezing of oil revenues at the Libyan Foreign Bank until “the establishment of guarantees and a mechanism for all Libyans to benefit from this income, in a manner that achieves justice and equality for all.”

Oil prices fell more than 1 percent on Thursday in a volatile week as economic and recession fears hobbled global financial markets, outweighing supply concerns and geopolitical tensions in Europe.