supply concerns

Oil prices resumed their descent as a strengthening dollar and worries about economic growth offset supply concerns.

The drop in oil prices drove U.S. stock markets sharply higher.

"There has been limited reporting on the extent and severity of the damage ... it's still a little bit unclear exactly how much damage was done"

Oil prices fell Friday after jumping more than $1 a barrel in the previous session as the bombing of a key Iraqi oil pipeline heightened supply concerns.

Thursday's bombing appeared to cut oil exports from the southern oil city of Basra, despite oil officials' statements to the contrary.