Markets, oil companies nervously watch Libya

Governments and companies are scrambling to evacuate thousands of their nationals from Libya as the oil-rich north African nation faces civil war.

EU countries are sending planes to Tripoli to get their people out and major companies like British energy giant BP are also working on exit plans.

Australia's one of many countries warning against travelling to Libya amid escalating protests against Muammar Gaddafi''S 40-year rule and a violent crackdown that's claimed more than 200 lives.

Oil prices soared to two-year highs overnight as the deadly violence in Libya fuelled concerns over spreading unrest in Arab producer states.

Officials say oil consuming nations have emergency reserves they can use to stabilise markets .. in case the violence in Libya and the wider Middle East escalates and cuts production.

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