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Oil Above $107

VIENNA, Austria -- Oil prices rose by more than a dollar Thursday, as the bombing of a key Iraqi pipeline extended a buying spree spurred by an anemic dollar and lower U.S. fuel inventories, according to the Associated Press.

Crude prices, which already spiked by nearly $5 on Thursday, were propelled higher by the second bombing in a week in Basra, where Iraqi security forces have been clashing with Shiite militia fighters.

Posted by Peter C. T. Elsworth  at 9:46 AM to Crude oil market | Permalink

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