Crude Oil Climbs as Libyan Violence Intensifies, Refinery Bombed
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Oil climbed in New York for the first time in three days as escalating violence in Libya, Africa’s third-largest producer, renewed concern that supply disruptions may spread to the Middle East.
Futures rose as much as 0.6 percent as fighting shut Libya’s biggest oil refinery. Violence has cut exports by two-thirds, according to the International Energy Agency. Brent futures in London advanced for a second day as forces loyal to Muammar Qaddafi attacked oil facilities. In Saudi Arabia, the world’s biggest exporter, websites have called for a “Day of Rage” tomorrow, New York-based Human Rights Watch said.