In "Reuters (13-07-07)"
NEW YORK (Reuters) - Oil rose on Friday, hitting an 11-month high above $77 a barrel on speculative buying as North Sea production problems and forecasts for rising demand tightened the supply outlook.
Oil has gained more than $6 in two weeks on a wave of buying by funds during the U.S. summer vacation season, when demand for gasoline peaks in the top oil-consuming country.
Global benchmark crude London Brent settled up $1.17 to $77.57 a barrel. Earlier, it reached an 11-month high of $77.68 -- a dollar short of last August's $78.65 all-time record. U.S. crude gained $1.43 to $73.93 a barrel.
Prices were boosted by news UK North Sea oil and gas production could be affected for weeks after a ship's anchor damaged a pipeline needed to export associated gas to Britain.
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