Crude Oil Surges to Highest Level Since 2008 on Unrest in Libya

Bloomberg reports that oil inched up to two and half year high.

The market news is quoted as saying:

Prices in New York jumped as much as 9.6 percent from the Feb. 18 settlement as soldiers deserted Libyan leader Muammar Qaddafi’s government and diplomats resigned. Prices pared gains after Saudi Arabian Oil Minister Ali al-Naimi said there is “absolutely no shortage of supply” and that OPEC members will be ready to meet a shortfall if one develops.

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