Oil Heads for Third Weekly Gain as Libya Boosts Supply Concern
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Oil headed for a third week of gains in New York after rising above $111 a barrel as a fire burned at Libya’s Sarir field, bolstering concern unrest in North Africa and the Middle East will further reduce supply.
Futures extended a rally to a 30-month high as NATO said forces loyal to Muammar Qaddafi caused a fire at Sarir, Al Arabiya television reported yesterday. The Libyan conflict is in a stalemate, according to Army General Carter Ham, the U.S. commander for Africa. Unrest since mid-January has toppled leaders in Tunisia and Egypt and cut output from Libya, Africa’s third-largest oil producer, by about 1 million barrels a day.