October crude settles at $99 a barrel; crude up nearly 3% on week
by Kate Gibson
NEW YORK (MarketWatch) — Oil futures on Friday touched a high above $100 a barrel as unrest in the Middle East and North Africa sparked worry of supply disruptions and after the Federal Reserve vowed another round of stimulus.
“You cannot fight the Fed. If you’re going to put more money into the system, you change the value of the commodity. If it’s priced in dollars, it’s going to take more of them to buy it. And if it’s going to stimulate the economy, it’s going to increase demand going forward,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago.