Gasoline, Heating Oil Surge as Violence Escalates in Libya
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Gasoline and heating oil surged to the highest levels in more than 28 months as heightened violence in Libya stirred concern that unrest in North Africa and the Middle East will disrupt fuel production and shipments.
Futures advanced as Libyan leader Muammar Qaddafi vowed to fight a growing rebellion until his “last drop of blood,” defying a widening revolt that has left more than 200 dead. Libya holds Africa’s largest crude reserves and accounts for an estimated 10 percent of European oil imports, according to the Schork Group Inc.