Crude Rises After 3-Day Decline Amid Clashes in Iraq Oil Region

Crude oil rose, snapping a three- day decline, amid escalating violence near one of Iraq's main oil producing regions.

Clashes between Iraqi forces and fighters loyal to Shiite Muslim cleric Moqtada al-Sadr left at least 18 people dead and 40 hurt in the southern city of Basra. Al-Sadr supporters threatened a nationwide campaign of civil disobedience. Oil had dropped 10 percent from last week's record of $111.80 a barrel.

``There are a lot of reasons to buy at these levels,'' said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt. ``If it stays above $100 a barrel, the speculative element will come back.''

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- Posted: 2008-03-25 09:01:25

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