Oil Rises in Longest Rally This Year on Attacks Against Libya |
| Bloomberg - Mar 24, 2011 |
Oil rose in the longest rally this year in New York as allied warplanes extended attacks against Libya and Mideast unrest spread, threatening crude exports.
Oil gained as much as 0.9 percent as U.S. and allied forces struck Muammar Qaddafi’s ground forces and hit an air base deep inside the country. Fifteen people were killed in renewed anti- government protests in Syria, according to Agence France-Presse, and generals, ministers and lawmakers deserted Yemen’s regime.
“We’re seeing continued momentum behind prices,” said Matt Smith, a commodities analyst for Summit Energy in Louisville, Kentucky. “There’s no encouragement to sell off with so much uncertainty, not just with Libya but Yemen, and we’ve also got Syria this week.”
Crude for May delivery increased 51 cents, or 0.5 percent, to $106.26 a barrel at 11:18 a.m. on the New York Mercantile Exchange. Prices have risen 32 percent in the past year. Yesterday, the contract reached $105.75, the highest settlement since Sept. 26, 2008.
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- Posted: 2011-03-24 10:41:05
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