Oil Rises to 29-Month High

Bloomberg reports that Oil climbed to a 29-month high in New York.

The market news is quoted as saying:

Crude climbed 1 percent after fighting between Libyan rebels and troops loyal to Muammar Qaddafi intensified. Hedge funds raised purchases of futures to a record for a second week on speculation unrest will cut output further. Citigroup Inc. increased its Brent oil price estimate, saying the threat of more disruptions supports a “fear premium.”

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