Oil Surges to Highest in a Week on U.N. Intervention in Libya
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Oil surged to its highest price in a week in New York after the United Nations Security Council approved military intervention to protect civilians in Libya, holder of Africa’s largest crude reserves.
Futures jumped as much as 2.2 percent after the UN voted to establish a no-fly zone over Libya and demanded a cease-fire with rebels. Oil climbed 3.5 percent yesterday, the most in three weeks, after Muammar Qaddafi’s jets dropped bombs around Benghazi while Bahraini security forces arrested opposition leaders. Credit Suisse Group AG raised its forecast for Brent crude traded in London, citing Middle East unrest.