Oil rose to a 29-month high while gold increased to within a $1 of a record as fighting in Libya intensified. Greek default risk climbed after Moody’s Investors Service cut the nation’s credit rating.

By Stephen Kirkland at Bloomberg.com

EXCERPTS:

Oil jumped 1.7 percent to $106.21 a barrel at 10:25 a.m. in London. Gold advanced to $1,439.70, driving the Standard & Poor’s GSCI index of 24 commodities to a two-year high. The cost of insuring Greek government debt increased to the highest in two months and the nation’s 10-year bond fell, driving the yield up six basis points to 12.31 percent.

Brent crude gained 95 cents to $116.92 on London’s ICE Futures Europe exchange. Gasoline rose 0.9 percent to $3.0738 a gallon. Silver jumped to a 31-year high of $36.5375 an ounce.

Cotton led commodities higher, rising the daily limit of 7 cents, or 3.3 percent, to a record $2.197 a pound. Wheat dropped 0.2 percent and corn climbed 0.6 percent.

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