Oil Rises to 28-Month High on Libya, Middle East Supply Concern
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Oil rose to its highest in more than two years as Libya’s violent uprising threatened to disrupt exports from Africa’s third-biggest supplier and spread to other crude-producing nations in the Middle East.
Futures gained as much as 0.7 percent after Libyan leader Muammar Qaddafi vowed to fight a growing rebellion until his “last drop of blood.” London-traded Brent advanced after settling at the highest since September 2008. The Organization of Petroleum Exporting Countries will boost output if there is a supply shortage, Saudi Arabian Oil Minister Ali al-Naimi said yesterday.