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Crude Spike on Friday Blamed on `Sideways Trading'

  • Futures in New York rose to the highest level in a week
  • Geopolitical tensions may lead to heightened volatility
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BofAML Sees Potential for Oil Prices to Rise

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Crude ended Friday higher after a curious, late-morning spike left analysts scratching their heads.

The market was little changed during morning hours of trading, but rocketed upwards just before 11:30 a.m. in New York, with no news catalyst identified by traders and analysts. The U.S. benchmark crude ended the session 1.9 percent higher on Friday, driving futures to post a 0.5 percent rise this week.