Crude Rises to Two-Year High on Libya; Goldman Sees $110 Brent
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Oil jumped to the highest in more than two years in New York as intensifying violence in Libya stoked concern that supplies from the holder of Africa’s largest crude reserves may be disrupted.
Futures for April delivery in New York rose as much as 9.8 percent from the Feb. 18 settlement and London-traded Brent surged to the highest since September 2008, as soldiers deserted Libyan leader Muammar Qaddafi’s government and diplomats resigned. Brent may trade between $105 and $110 a barrel in coming weeks if the unrest continues, according to Goldman Sachs Group Inc.