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Crude oil jumps 4% as Libya protests spread

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phantom power Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-21-11 10:59 AM
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Crude oil jumps 4% as Libya protests spread
Crude oil prices jumped 4% Monday as violent protests spread in Libya, raising the possibility that oil supplies from that OPEC nation could be disrupted.

By early afternoon in Europe, benchmark light, sweet crude for March delivery was up $3.10 a barrel to $89.30 in electronic trading on the New York Mercantile Exchange. The April contract was up $3.19 to $92.90. A barrel is 42 gallons.

http://www.usatoday.com/money/industries/energy/2011-02...
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-21-11 11:52 AM
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1. Get used to it.
By the time Algeria, Tunisia , Libya , Egypt , Bahrain........get round to paying their population decent wages the price they want for their oil could increase significantly.

It would be hypocritical to support these revolutions and not expect to pay substantially more for oil.
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