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Oil price continues climb amid tensions

03. March 2011. | 10:09

Source: BH Daily News

On March 1, both oil and gold rose, while U.S. stocks fell amid concerns that the violence in Libya and turmoil in Iran could disrupt fuel supplies.

The price of oil has continued its climb, rising above $100 a barrel during electronic trading in Asia on the New York Mercantile Exchange, RFE/RL reports.

The price of Brent North Sea crude has also risen to above $116 a barrel.

On March 1, both oil and gold rose, while U.S. stocks fell amid concerns that the violence in Libya and turmoil in Iran could disrupt fuel supplies.

Gold was selling above $1,430 an ounce as investors fled riskier assets and sought a safe haven.

Major U.S. stock indexes also fell more than 1 percent on March 1, with prices reportedly influenced by fears that the turmoil in the Middle East could lead to higher fuel prices, potentially hobbling the economic recovery.

Earlier on March 1, Iranian authorities reportedly clamped down on anti-government protests, while forces loyal to Libyan leader Muammar Qaddafi launched counterattacks against rebels.


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