Oil rose to a 32-month high on Friday above $126 a barrel on concerns of long-term supply cuts as expectations of more interest rate hikes in the euro zone drove the euro to a 15-month peak against the dollar, Reuters reports.
Brent crude surged $3.51 to $126.18 per barrel, its highest level since August 2008 as the war in Libya, unrest elsewhere in the Arab world and postponed elections in Nigeria drove a bullish attitude on oil. U.S. crude rose to a 30-month high, up $2.10 at $112.40.
