Bad news for SUV drivers
LONDON (Reuters) - Oil jumped to $64 a barrel on Friday as geopolitical factors in the Middle East and other key oil-producing regions sparked concerns over global supplies. U.S. February light crude climbed $1.31 to $64.10 a barrel by 1512 GMT. U.S. crude prices have posted gains of more than $5 since late last week, led by fresh investor money flowing into the market seeking to capitalize on the strength of commodities. London Brent crude jumped $1.31 at $62.44 a barrel. Analysts said instability in West Africa and the Middle East reinforced investors' concerns that the developing world controlled a large share of the world's energy resources. That news comes despite the fact that Russian/ Ukrainian gas dilemma had been successfully resolved today.
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