Oil Has Biggest Weekly Rally in Two Years

- February 25th, 2011

Bloomberg reports that crude oil surged to the biggest weekly gain 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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