Oil Heads for Weekly Gain as Iran Tension Stokes Supply Concern
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Oil rose, heading for its first weekly gain in three, as concern deepened that tension between Iran and the west will disrupt Middle East exports.
Futures jumped as much as 1.4 percent after the Labor Department said U.S. unemployment rate unexpectedly declined to 8.6 percent from 9 percent, before paring their advance. European governments tightened sanctions on Iran, the second-biggest crude producer in the Organization of Petroleum Exporting Countries, in a clampdown over the Persian Gulf nation’s nuclear program. Bank of America Corp. today cut its 2012 Brent forecast.