Oil Surges to $119 on Libya Crisis; Goldman Sees ‘Upside Risk’
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Oil climbed to the highest in 30 months in London as Libya’s violent uprising reduced supplies from Africa’s third-biggest producer.
Brent rose above $119 a barrel on estimates the revolt caused Libya to lose as much as two-thirds of its oil output. Futures in New York gained for a sixth day, after climbing above $100 a barrel. The cuts create “significant upside risk” to prices and any further disruptions could create severe shortages in global oil markets, Goldman Sachs Group Inc. said.