Oil Gains Second Day as Egyptian Protests Stoke Supply Concerns

Jan. 31, 2011 04:45AM PST

Bloomberg reports that Oil rose, extending a Jan. 28 gain that was the biggest in 16 months.

The market news is quoted as saying:

Oil for March delivery gained as much as $1.53 to $90.87 a barrel in electronic trading on the New York Mercantile Exchange, and was at $89.45 at 3:27 p.m. Singapore time. Futures surged 4.3 percent on Jan. 28, the most since September 2009. Prices have dropped 2.1 percent in January, heading for the first monthly decline in five.

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