Oil Trades Near One-Week High as Tensions Mount in Middle East

Oil traded near a five-day high, heading for its biggest weekly gain in five, as tensions mounted in the Middle East and reports showed the economic recovery in the U.S., the world’s biggest crude user, is gaining momentum.

Crude oil gained in New York after rising 1.6 percent yesterday, the biggest increase this month, as protesters clashed with police in Bahrain, Yemen and Libya, and Iranian state-run television said the country was sending two warships through the Suez Canal. The index of U.S. leading indicators rose in January for the seventh straight month.

“We see the price moving up because you do see a risk of supply disruption,” Jason Schenker, president of consultant Prestige Economics in Austin, Texas, told Susan Li on Bloomberg Television’s "First Up Asia" program. “Even though there’s disruption in the Middle East, that’s not going to derail the global economy,”

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- Posted: 2011-02-17 22:58:10

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