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Oil prices hit 5-month highs, Brent settles above $70 on strong US jobs report and Libya conflict

The Address | Benghazi – Libya

NEW YORK – Oil prices rose more than 1 percent on Friday on bullish U.S. employment data that tempered fears about a decline in global crude demand and on expectations that an escalating conflict in Libya could tighten oil supplies.

U.S. West Texas Intermediate crude settled 98 cents higher at $63.11 a barrel on Friday, rising 1.6% to a new five-month closing high. WTI posted its fifth consecutive weekly gain, rising 4.9% over the last five days.

Brent crude futures rose 94 cents, or 1.4%, to $70.34 a barrel, marking the first time the international benchmark has settled above $70 in five months. Brent finished the week 2.9% higher.

Both contracts hit new five-month highs after Friday’s settle.

CNBC

 

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