Oil prices surged the most in three weeks on Friday, with Brent jumping $4 a barrel to a 32-month high as a sinking dollar triggered a fresh rush of fund buying across the commodities spectrum.
U.S. crude topped $113 but trailed Brent, which closed out its best weekly gain since February. Deepening violence in Libya and concerns about unrest in Saudi Arabia and Nigeria lent new impetus to a rally that is threatening to crimp global growth and add to growing inflation concerns.
Analysts said Friday's sharp gains in oil, wheat, copper and gold -- while stocks slipped -- stemmed from a big wave of second-quarter investment. Oil drew extra support from fears that the war in Libya was starting to inflict lasting damage on the oil sector.
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