Oil Up Again

March 1st, 2011
in econ_news

oil well 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:

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.

Source:  Bloomberg and GEI News

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