The North American benchmark price for oil headed for its first weekly gain in three weeks on Friday, as continuing turmoil in Bahrain, Libya and Yemen made traders worry that supplies might be disrupted.
March light sweet crude rose $1.04 to $87.40 US a barrel on the New York Mercantile Exchange at mid-morning. The uncertainty caused by the Middle East events was seen gaining importance ahead of Monday's Presidents' Day U.S. holiday.
"With a long weekend ahead of them, traders were concerned that they could return on Tuesday to a world that could conceivably be changed from the one left behind," said analysts at U.S. energy consultancy Cameron Hanover.
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