Oil rose from a two-week low in New York as escalating violence in Bahrain stoked concern turmoil may spill into neighboring Saudi Arabia, threatening supplies from the world’s biggest crude exporter.
Prices advanced as much as 1.5 percent as riot police cleared anti-government protesters from a central square in Bahrain’s capital. The country declared a state of emergency yesterday as Saudi-led military intervention failed to end demonstrations. Oil dropped 1 percent earlier today as Japan battled to prevent a nuclear meltdown that threatens to worsen damage to the economy from last week’s earthquake.
“Had it not been for the disaster in Japan, with the Saudi troops moving into Bahrain the oil price should have moved toward $120,” said Victor Shum, a senior principal at energy consultants Purvin & Gertz Inc. in Singapore. “The contagion effect on oil prices is still present.”
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