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Commodity Daily News
Crude Oil Hits a Fresh 2 1/2 Year High amid Mid-East Unrest
Monday, 11 Apr 2011
The price of oil soared last week, hitting a fresh two-and-a-half year high at $113 a barrel, as investor concerns regarding supplies out of the Middle East continued to affect the market.
Widening unrest in the Middle East and a weakening dollar lent new impetus to a rally in oil markets with Brent crude briefly hitting the $113.18 mark before pulling back slightly on prospects of a peace deal in Libya.
As for today, traders are advised to follow all the developments from Libya, as this conflict is now the main catalyst in crude trading. In the case of any further escalation in the fighting there, oil prices might climb even further.
