Oil rises to near $107 a barrel on Iraq violence

By: Associated Press Email
By: Associated Press Email

UNITED STATES (AP) The price of oil keeps rising, nearing $107 a barrel, as the growing crisis in Iraq fuels concerns that crude supplies from OPEC's second-largest producer could be hurt.

Crude oil rose 38 cents, or 0.4 percent, to $106.91 a barrel Friday. Oil prices rose more than $2 a barrel on Thursday and are up 4 percent this week.

Oil prices hit 10-month highs after an al-Qaida-inspired group vowed to march on Baghdad after capturing two key Iraqi cities this week. However, the violence is mostly centered in Iraq's north, away from the major oil-producing regions of the south.

In metal commodities, gold, silver and copper rose while platinum and palladium fell.

In agricultural commodities, wheat, corn and soybeans rose as well.

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