Oil Climbs Above $110 in New York on Libya, Middle East Unrest
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Crude rose above $110 a barrel for the first time in 30 months as a fire burned at Libya’s Sarir oilfield, bolstering concern that unrest in North Africa and the Middle East will spread, curbing shipments.
Futures climbed 1.4 percent after NATO said forces loyal to Muammar Qaddafi caused a fire at the field, according to Al Arabiya television. The conflict in Libya is currently in a stalemate, said Army General Carter Ham, the U.S. commander for Africa. Revolts have led to the overthrow of governments in Egypt and Tunisia and targeted regimes from Syria to Bahrain.