Oil Rises Over $100 a Barrel
Oil rose to more than $100 a barrel in pre-market trading Monday, the highest in a week, on signs of U.S. economic recovery and following economic sanctions on Syria, Bloomberg reported.
Crude futures rose almost $4 to as high as $100.74 a barrel on the New York Mercantile Exchange, the highest price in a week, Bloomberg said.
Futures closed over $100 on Nov. 16 for the first time since June and have not closed over that level since then, according to Bloomberg Nymex figures.
U.S. consumers spent a record $52.4 billion over the Thanksgiving weekend, Bloomberg reported.
The Arab League set sanctions on Syria, including a freeze on its assets in Arab countries, while output in Libya is rebounding following that country’s recent unrest, Bloomberg said.
