Oil Rises to Highest Level in Almost 30 Months on Libya Strikes
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Crude climbed near a 30-month high as the U.S. and its allies attacked Libyan leader Muammar Qaddafi’s troops and protesters clashed with government forces in Syria, bolstering concern supplies will be disrupted.
Oil rose 0.7 percent as coalition forces targeted tanks, artillery, supply lines and communications points, said U.S. Rear Admiral Gerard Hueber. Prices have advanced 16 percent this year as unrest spread from Tunisia to Egypt, Yemen, Bahrain and Syria. The U.S. government said that crude supplies increased as gasoline stockpiles fell to the lowest level this year.