The price of oil continues to climb Friday, reaching nearly $104 a barrel on concerns that the tensions over Ukraine and new sanctions against Russia could disrupt global supplies.
Benchmark U.S. crude for August delivery was up 51 cents to $103.94 in electronic trading on the New York Mercantile Exchange. The contract jumped $1.99 the previous day to close at $103.19.
A series of geopolitical events pushed prices higher by raising concern that oil supplies could become tighter, even though no disruptions were imminent.
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