Falling below $97 last night, oil prices stage a powerful reversal, up nearly 4% from their lows...

Falling below $97 last night, oil prices stage a powerful reversal, up nearly 4% from their lows to trade above $100/barrel. Rising Middle East tension, talk of U.S. military intervention in Libya, and hope Japan is coming under control all contribute. April crude +2.3% at $100.40.

Comments (2)
  • tigersam
    , contributor
    Comments (1707) | Send Message
    Its called greed. Traders makes the money by manipulation. Unrest did not change the oil supply. Same amount of oil is comming out in the market. Consumption is going down due to Japan situation. No body is driving there.
    17 Mar 2011, 08:38 AM Reply Like
  • Wilky
    , contributor
    Comments (112) | Send Message
    The biggest fear I have with this paragraph is not the reasons for the changes in the price of oil, but the threat of intervention in Libya by the west. Have we not learned that we cannot fix these countries which have vastly different cultures from our own. All the western nations have gone through their own rebellions and civil wars without interference from outside sources. It's time to let all these Arab nations sort out their own problems and keep our bloody noses out to stop them getting bloodied further. It may take scores of years, but so what? In the meantime we must manufacture far more motor car engines and power plants that are fueled by Natural Gas. We have more of that commodity here than anywhere else. This is what can turn the balance of world trade and put America back in the top slot, being self sufficient energy wise. In the meantime, the different middle eastern religeous factions will be so busy fighting each other that they will not have time to bother with us.
    17 Mar 2011, 01:26 PM Reply Like
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