Crude Oil Rises to 30-Month High Above $111 in New York on Libya
This article is for subscribers only.
Oil rose above $111 a barrel in New York and surpassed $124 a barrel in London for the first time since 2008 as a fire burned at Libya’s Sarir field, bolstering concern that unrest in the region will further reduce supply.
Futures are headed for a third weekly gain as NATO said forces loyal to Muammar Qaddafi caused a fire at Sarir, Al Arabiya television reported yesterday. The Libyan conflict is in a stalemate, according to Army General Carter Ham, the U.S. commander for Africa. Output from Africa’s third-largest producer may remain limited to about 29 percent of pre-conflict levels even after fighting ends, Nomura Holdings Inc. said.