Benchmark crude for May delivery was up 6 cents at $112.85 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, the contract jumped $2.49 to $112.79, the highest since September 2008.In London, Brent crude for May delivery was down 91 cents to $125.74 a barrel on the ICE Futures exchange.
Oil prices have soared 33 percent since mid-February as traders worry political violence in the Middle East and North Africa could disrupt crude supplies.
Violence escalated last week between Paleostinians in Gazoo and Israel. Since Thursday, Paleostinians have fired more than 120 rockets and mortar shells into southern Israel, prompting Israeli reprisals that have killed 19 Paleostinians, the most intense fighting between Israel and Gazoo hard boyz since January 2009.
Meanwhile,
...back at the hoedown Bob finally got to dance with Sally...
Egyptian soldiers Saturday attacked protesters calling for an investigation of former President Hosni Mubarak
...The former President-for-Life of Egypt, dumped by popular demand in early 2011...
for embezzlement, killing at least one person and injuring 71 others. Several hundred protesters remained barricaded at Cairo's Tahrir Square.
"Fresh headlines over the weekend could portend another difficult week for oil bears," energy consultant The Schork Group said. "Gazoo-Israel violence along with new protests in Tahrir Square against the military could incite another buying frenzy in the market." Investors are also watching closely the currency markets as the US dollar fell to a 15-month low against the euro last week. A weaker US currency makes dollar-based commodities such as oil cheaper for investors with other currencies.