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09-Apr2011

Crude Prices End At Their Highest Level In 30 Months On Friday

Crude prices ended at their highest level in 30 months on Friday, pushing gains to a third week, as a decline in the dollar spurred a broad rally in commodities. Fears of prolonged supply outages in Libya persisted as fighting raged in the North African oil producer too aided the price rise.

Meanwhile, Libyan rebels said they repelled an assault by government troops on the eastern flank of the coastal city of Misrata but the fighting forced residents to flee the area.

Benchmark crude for May delivery settled at $112.79 a barrel, the highest price since September 22, 2008, after trading in a range from $110.11 to $112.86 on the New York Mercantile Exchange. In London, Brent crude for May delivery ended at $126.65, up by $3.98 or 3.24 percent on the ICE.

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