jim bolden, cnn, london. >>> investors are keeping a wary eye on events unfolding in libya.s the world's eighth largest reserves the crude oil, but the body of the country has had a dramatic impact on oil prices around the world. according to robin mills, it has added as much as $20 a barrel. >> the time that the libyan unrest began, that put $15 or $20 in the price. now the price has fallen back to a little over $100. i'm talking about brent crude oil. of course u.s. prices are will her. so i think you can see that oil prices could fall as libya comes back by another $10, $15. >> what would you say is the best case scenario here? they're hoping by the end of 2011 they can boost production to 400,000 to 500,000 barrels a day. is that realistic? >> i think that sounds realis c realistic. the arabian gulf oil company saying they could do 250,000 barrels within these weeks or so. confident they could restart production in a few week. so yes, i think half a million barrels a day by the end of the year is plausible. >> this is a country that has had an intense leader for more tha

we seem to have some problems there with that particular report from jim bolden. we'll maybe take another swing at it later in the program. but meanwhile, i think andrew, you're about to talk about the same issue. >> absolutely. as you were saying, it appears that libya has a long way to go before it returns to full production, if the markets can be believed with the rise in that brent crude price. let's go to john now. he is live from abu dab i. john, looking at this from a best case scenario, how long will it take to get libyan oil back on-line? >> in fact, as charles noted. before the crisis 1.6 million a day. in peaked at 1.8 million a day. we're talking in the next quarter or by the end of the year, get row ducks about a third of that, 400,000 to 500,000 is what the arab arabian country is saying. the tenth largest oil reserves in the world. the big bonanza is the future. we'll talk about that in a moment. the idea here is to ascertain the damage, the. it's the real challenge right now. quite frankly, it's too insecure to go back in and make that assessment.

now jim bolden in london. the jobs report in the united states and markets overseas seem to be encouraged, at least for maybe a few minutes. what happened? >> they were for about 20 minutes, but of course, when they closed, the dow was down and we saw the nasdaq down. and european market he is didn't get the benefit from these rume theirs heard allison talking about a few minutes ago. the european markets down strongly for the week, down 10 and 13%, some would say is in correction territory. thursday's numbers were particularly bad and the numbers here are between say 1 1/2 and 3% and then overnight, of course in asia, they were still bearing the brunt of what we saw with that massive 500-point drop from the dow on thursday. they really suffered as well. but alison was talking about ecb buying italy bonds that is what is helping u.s. markets. right now, prime minister berlusconi in italy holding the unprecedented press conference on friday evening talking about structural reform, speeding up structural reforms