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WTI at Two-Year High on Concern Syria Unrest Will Spread

West Texas Intermediate crude surged to the highest level since May 2011 on concern that conflict in Syria may spread and threaten oil supplies from the Middle East. Brent climbed to a six-month high in London.

Futures gained as much as 3 percent in New York, while gasoline extended its biggest jump in six weeks. The U.S., France and Britain moved closer to a military strike as they laid the legal groundwork to justify action after Syria allegedly used chemical weapons. Brent may rise to $150 a barrel, from about $116 today, if conflict disrupts supply, Societe Generale SA said. Libya said output may have dropped below 200,000 barrels a day, the lowest since the 2011 uprising against Muammar Qaddafi.