U.S. crude oil futures extended gains and were up more than $3 a barrel on Friday, lifted by concerns about citizen protests in Egypt and as data showed a preliminary 3.2 percent annual growth rate in the United States.
Smoke billows up into the late evening sky on January 28, 2011 in Cairo, Egypt.Thousands of police are on the streets of the capital. Hundreds of arrests have been made in an attempt to quell demonstrations. |
U.S. light, sweet crude [CLC1 87.74 2.10 (+2.45%)
] for March delivery rose above $89 a barrel by midday Friday.
Protests in Egypt and the government's response intensified, making investors more wary about the unrest.
Earlier, oil prices received a boost from news that the U.S. economy gathered speed in the fourth quarter, fueled by the biggest gain in consumer spending in more than four years and strong exports.
"There is growing concern about the situation in Egypt and Yemen and there may be worry about not going into the weekend being too short," said Phil Flynn, analyst at PFGBest Research in Chicago.
In London, Brent crude [LCOC1 98.66 1.27 (+1.3%)
] for March neared $100 a barrel.


















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