Burgeoning Mideast protests helped push crude oil futures to their highest prices in one week amidst concerns production of the commodity from the oil-rich region will be disrupted, Bloomberg reports.
Demonstrators in Bahrain calling for the government's fall and 20 people killed in Libyan unrest pushed up prices 1.4 percent. Libya's leader, Libya, the site of Africa's largest oil reserves, has been under the rulership of Muammar Qadaffi for 40-plus years.
"It's the Middle East tensions that are taking the forefront," Carl Larry, president of Oil Outlooks & Opinions in Houston, told Bloomberg. Commerce pertaining to Brent crude oil "is too mainstream now to make any money. Now that everybody's on the bandwagon, the game is over," he said.
Shortly after 11 a.m. on Friday, Brent crude oil futures were up 0.40 percent, a 0.41 cent increase to $103 per barrel.
Five Libyan cities had demonstrations that turned into violent confrontations with security forces. Anti-government protests also have manifested in Yemen, where demonstrations are targeting the rule of Ali Abdullah Saleh, who has been in power for the past 32 years.
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