Azerbaijan, Baku, Feb. 26 / Trend /
Crude oil rose, capping the biggest weekly gain in two years, on concern that the turmoil in Libya will spread to Middle East petroleum producers, Bloomberg reported.
Yesterday, oil surged to a 29-month high amid estimates that Libya's crude output was cut by as much as two-thirds. The price dropped below $100 a barrel after Saudi Arabia, the U.S. and the International Energy Agency said they can compensate for any Libyan supply disruption. Today, a report showed the U.S. economy expanded less than forecast in the fourth quarter.
"We may move a lot higher on concern over how the Libyan situation will develop over the weekend," said Phil Flynn, a vice president of research at PFGBest in Chicago. "The reassurances from Saudi Arabia, the IEA and even the White House helped calm fears yesterday, but that might not be enough."
Oil futures for April delivery climbed 60 cents, or 0.6 percent, to $97.88 on the New York Mercantile Exchange. Yesterday, the commodity reached $103.41, the highest intraday price since Sept. 29, 2008.
This week, oil jumped 14 percent, the most since late February 2009. The price has climbed 25 percent in the past 12 months.
Corn, Soybeans