Oil Climbs on Libya Tensions; Treasuries Advance, Euro Weakens on Ireland

Oil extended the biggest weekly gain in two years as fighting in Libya cut production, while Treasuries and gold rose on concern global economic growth will be derailed. Oil added 1.8 percent in New York to $99.65 a barrel as of 1:58 p.m. in Tokyo rallied for a sixth day. Ten- year Treasuries climbed for a third day, while gold approached a record. The euro pared losses against the yen and dollar as the MSCI Asia Pacific Index increased 0.3 percent, erasing a drop of as much as 0.5 percent. Standard & Poor’s 500 Index futures declined 0.2 percent. U.S. officials will meet with their foreign counterparts in Geneva today to discuss the fate of Libya, where opposition forces are making gains in the western parts of the country after taking control of the east. Chinese Premier said the nation set a lower growth target for the period from 2011 through 2015 than in the previous five years, while U.S. data this week will signal household purchases slowed even as payroll gains accelerated and factory orders increased.