Oil Climbs to 29-Month High as Libya Unrest Threatens to Spread
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Crude in New York increased to a 29-month high on concern unrest in Libya will spread to other North African and Middle East energy exporters, curbing shipments.
Oil rose 2.5 percent as Libyan leader Muammar Qaddafi sent troops to recapture towns in the western part of the country and prepared to quash protests in the capital, Tripoli. Prices also advanced on signals U.S. economic growth is accelerating. The nation’s jobless rate fell to 8.9 percent, the lowest level since April 2009, a government report showed.