Oil Rises to 30-Month High on Libya Conflict; OPEC Output Slides
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Oil rose to the highest in 30 months in New York on concern the conflict in Libya, Africa’s third-largest exporter, will prolong production cuts and spread to Middle East producers.
Futures advanced as much as 0.9 percent, extending the biggest quarterly rally since 2009, as troops loyal to Libyan leader Muammar Qaddafi retook control of the oil port of Ras Lanuf and shelled Brega, another energy hub. Libyan oil output fell 72 percent to a 49-year low and OPEC production slid 1.2 percent in March, a Bloomberg News survey showed.