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Oil Closes Above $100 a Barrel

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3/18/2011 8:30:00 AM

Crude oil closed above $100 Thursday after staying below that price for two days, Bloomberg reported.

Oil rose $3.44 from the day before to settle at $101.42 a barrel on the New York Mercantile Exchange, the highest close in a week and the largest daily gain since Feb. 23.

It saw a jump in trading Thursday after the United States said it could back foreign intervention against Muammar Qaddafi, the leader of Libya, Africa’s third-largest oil producer, Bloomberg said.

Oil had fallen in price to a two-week low in the middle of the week, due in part to a report showing that inventories had risen the week before.

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