March 1st, 2011
Econintersect: Oil prices surged Tuesday (March 1) to new closing price highs not seen since the summer of 2008. The Brent crude spot price in London was up 3.7% to $116.13. In New York the WTI (Cushing) price was 2.7% higher at $99.63. The nearest NYMEX futures contract closed at $100.58. Follow up:
Follow up:The primary push today came from political unrest in Oman, Iran and elsewhere around the Persian Gulf, plus wild rumors about problems in Saudi Arabia, as reported by GEI News.