Crude Oil Climbs a Fourth Day as Middle East Violence Escalates
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Crude oil gained for a fourth day in New York, the longest rising streak since December, as escalating violence in the Middle East and Africa threatened to prolong supply disruptions.
Futures advanced as much as 0.7 percent after Syrian security forces stormed the city of Daraa, killing at least five people, while unrest in Yemen showed no sign of ending. U.S. Senator John McCain said rebels in Libya need more assistance in the fight against Muammar Qaddafi’s forces. Saudi Arabia, holder of the world’s largest crude reserves, has no plans to raise production capacity, a Saudi oil official said.