Wednesday, February 23, 2011

Will Oil Soothe the Revolution?

Are you paying attention to the rising oil prices?

NEW YORK (AP) -- Oil prices rose past $99 a barrel on Wednesday as forces loyal to Libya's Moammar Gadhafi clashed with protesters expanding their control over parts of the country.


Nothing like a little kerosene on the fire. Nomura Securities says that if Algeria joins Libya in the land of chaos, oil prices could shoot to $220 a barrel. That’s in a worst-case scenario, the investment bank adds unhelpfully.


NEW YORK (AP) -- Stocks fell for a second straight day Wednesday after clashes in Libya sent oil prices to two-year highs and technology giant Hewlett-Packard said its revenue growth was slowing.

Will the West continue to encourage the 'Al-Jazeera revolution' as prices rise?


Brent crude futures rallied above $110 a barrel on Wednesday, posting the biggest three-day percentage gain in a year, as the escalating violence in Libya could further reduce its production.


1 comment:

Anonymous said...

This "revolution" will only embolden Hamas; potentially return Egypt to the conflict; weaken the Gulf Arabs and Jordan against Iran; and so on.