Oil Closes Above $100 a Barrel
Crude oil closed above $100 Thursday after staying below that price for two days, Bloomberg reported.
Oil rose $3.44 from the day before to settle at $101.42 a barrel on the New York Mercantile Exchange, the highest close in a week and the largest daily gain since Feb. 23.
It saw a jump in trading Thursday after the United States said it could back foreign intervention against Muammar Qaddafi, the leader of Libya, Africa’s third-largest oil producer, Bloomberg said.
Oil had fallen in price to a two-week low in the middle of the week, due in part to a report showing that inventories had risen the week before.
