Oil Has Biggest Weekly Rally in Two Years

Bloomberg reports that crude oil surged to the biggest weekly gain in two years.

The market news is quoted as saying:

Yesterday, oil surged to a 29-month high amid estimates that Libya’s crude output was cut by as much as two-thirds. The price dropped below $100 a barrel after Saudi Arabia, the U.S. and the International Energy Agency said they can compensate for any Libyan supply disruption. Today, a report showed the U.S. economy expanded less than forecast in the fourth quarter.

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