Oil Rises as Bahrain Violence Stokes Middle East Supply Concern
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Oil rose from a two-week low in New York as escalating violence in Bahrain stoked concern turmoil may spill into neighboring Saudi Arabia and threaten supplies from the world’s biggest crude exporter.
Prices advanced as much as 2.1 percent as riot police cleared anti-government protesters from a central square in Bahrain’s capital. The country declared a state of emergency yesterday as Saudi-led military intervention failed to end demonstrations. Oil dropped 1 percent earlier today as Japan battled to prevent a nuclear meltdown that threatens to worsen damage to the economy from last week’s earthquake.