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Already up on the day, crude oil flies higher on a report of an attack and explosion on a Saudi...

Already up on the day, crude oil flies higher on a report of an attack and explosion on a Saudi pipeline. WTI crude (USO) +2.3% to $109.48, Brent crude (BNO) +3.7% to $127.20.
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Comments (8)
  • jbind
    , contributor
    Comments (74) | Send Message
     
    Iranian sabotage.
    1 Mar 2012, 03:39 PM Reply Like
  • Hyrcania
    , contributor
    Comments (48) | Send Message
     
    Fool --

     

    Iranians don't benefit from increased oiled prices. They export oil and import gasoline, which they then subsidize. Higher oil prices means higher gasoline prices.
    1 Mar 2012, 04:04 PM Reply Like
  • Hyrcania
    , contributor
    Comments (48) | Send Message
     
    This is what happened http://bit.ly/xjAy3t
    1 Mar 2012, 04:30 PM Reply Like
  • losbronces
    , contributor
    Comments (740) | Send Message
     
    No mainstream media coverage and a denial by the KSA (not surprising), but oil traders reacted to the story.

     

    Not even mentioned in a Bloomberg story about WTI crude crossing $110.

     

    Very strange, you would think the mainstream media would at least mention it even if its a hoax.
    1 Mar 2012, 04:38 PM Reply Like
  • Hyrcania
    , contributor
    Comments (48) | Send Message
     
    No doubt Arab independent media has a better idea what is going on in their own backyard. The reason why so many Americans have no idea what is going on (practically any place in the world but especially) in the Middle East is because they rely on mainstream media.

     

    This is clearly domestic terrorism directed towards infrastructure and the implications are serious - an uprising in Saudi Arabia is 1) Long overdue considering the fact they are the most oppressive government in the middle east by far and have the biggest disparity of wealth 2) would have major supply disruptions.

     

    The market isn't stupid.
    1 Mar 2012, 04:54 PM Reply Like
  • sr1977
    , contributor
    Comments (336) | Send Message
     
    At 5:00 PM EST Press TV Reported the section of pipeline damaged could result in the export loss of 6 million barrels per day.
    1 Mar 2012, 05:08 PM Reply Like
  • khan_king
    , contributor
    Comments (29) | Send Message
     
    Market react with information, does not matter true or false....
    1 Mar 2012, 09:22 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11290) | Send Message
     
    This is so far an unsubstantiated fear mongering story which is helping drive up prices unnecessarily.
    2 Mar 2012, 02:40 AM Reply Like
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