February 27, 2011
Oil advanced for a second day in New York after turmoil that has cut Libya’s output spread to Oman, raising concern Middle East production may be disrupted further.
Futures posted the biggest weekly gain in two years last week amid estimates that Libya’s crude flow was cut by as much as two-thirds. In Oman, two demonstrators were killed and several were wounded in clashes with police earlier yesterday, according to hospital and government officials.
“When we look around the region we are seeing more visual concerns that unrest is continuing,” said Jonathan Barratt, managing director of Commodity Broking Services Pty in Sydney. “There’s a little bit of fear in the markets.”