Oil Rises in New York as Unrest in Mideast Fuels Supply Concern
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Crude oil rose in New York, headed for its first weekly gain in three weeks, as escalating protests in Bahrain and Libya fueled concern that supplies from oil-producing nations may be disrupted.
Futures gained after protesters in Bahrain called for the fall of the government as unrest in the Middle East spread to Libya, where 20 were reported dead in clashes. Oil in New York also gained as the dollar declined against the euro, enhancing the appeal of commodities price in the U.S. currency.