Oil Surges on Gas Field Attack in Algeria, US Stock Draw

Jan. 16, 2013 03:50PM PST

Reuters reported that oil prices went up on Wednesday after Islamist militants attacked a gas field in Algeria and as data showed US crude stocks falling last week.

As quoted in the market news:

The expiring Brent February crude contract rose 31 cents to settle at $110.61 a barrel, having traded from $110.24 to $110.84. March Brent finished 5 cents higher at $109.68 a barrel, having swung from $109.34 to $110.35.

Click here to read the full Reuters report.