Oil jumped to its highest level this year, nearing $70 a barrel and accelerating a sell-off in global debt markets.
It is now at its highest since Opec’s historic decision in November to let prices fall in a bid to claw back market share by squeezing higher-cost producers.
Crude advanced after US oil inventories posted a weekly fall for the first time in four months and production from conflict-hit Libya suffered further falls.
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