The loss of Libyan oil is a heavy blow to American and European refiners who face a costly struggle to replace the easy-to-refine crude because of a shortage of matching grades.

On the other hand, Wahda Bank, a government bank, is facing a money supply disruption after the banks in the country's second largest city are cut off from the main banks in Tripoli. Libya's rebel-held city of Benghazi has filled a political void with a coalition which is cleaning up, providing food, building defenses, reassuring foreign oil firms and telling Tripoli it believes in one nation. Libya's government had ordered massive cash handouts including wage increases, food subsidies and allowances, state television reported.

Brent oil rose in volatile trade on Friday to hold above $112 a barrel but below Thursday's two-and-a-half-year highs after Saudi Arabia raised output to calm fears of supply disruptions sparked by Libya's uprising. – Photos by Reuters