Oil Touches $100 a Barrel for First Time in Two Years on Libya
This article is for subscribers only.
Oil surged to $100 a barrel in New York for the first time in two years as Libya’s violent uprising threatened to disrupt exports from Africa’s third-biggest supplier and spread to other Middle East oil producers.
Futures climbed as much as 4.8 percent after heavy gunfire broke out in Tripoli again today, army units defected and a former aide to Libyan leader Muammar Qaddafi warned the spreading revolt may topple the regime within days. Oil pared gains on signals that Saudi Arabia and some other producers are willing to put more oil on the market if buyers demand it.