Wednesday, March 02, 2011

Unrest In Libya Pushes Oil Prices... a two-and-a-half year high.

From the New York Times:

Just when oil markets appeared to be calming, crude oil prices surged again on Tuesday as the potential for more oil shipment disruptions spread across the Middle East and North Africa.

With Libya’s oil exports almost entirely halted for the last several days, renewed unrest in Oman, Iran and Iraq rattled oil traders. An interruption of shipments from any of those countries would further tighten oil supplies, even as Saudi Arabia has rushed to fill the vacuum of Libyan supplies by pumping more oil from its fields.

The worries about the oil supply rippled through other markets, with stock markets turning lower on concerns that the higher cost of energy would slow economic recovery.

The rest of the story HERE

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