Russian Prime Minister Vladimir Putin warned Thursday that rocketing oil prices amid instability in Libya pose a "serious threat to the world."

Speaking in Brussels after talks with the European Commission, Putin said Russia sees "numerous risks and threats in connection with the price for fuel and energy at the level of 118 dollars per barrel which represents a serious threat to the world."

London Brent crude went even higher, close to $120, a level unseen since mid-2008, as the Libyan crisis stoked supply jitters across the Middle East and beyond.

Of oil prices, Putin said "the Russian economy is not interested in pursuing this policy."
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