North African and Middle Eastern unrest causes oil futures to rise
L.A. Times: Oil prices climb on unrest in Tunisia, Egypt, Lebanon and Yemen
Traders are buying up futures in case the anti-government sentiment disrupts output in the area's oil-rich countries, analysts say.
By Ronald D. White, Los Angeles Times
January 29, 2011
Oil prices surged Friday as concerns mounted that anti-government protests in Tunisia, Egypt, Lebanon and Yemen could affect Middle East oil production. If that happens, analysts said, oil prices could quickly rise to $130 a barrel.
The protests sent crude oil futures for March delivery up $3.70, or 4.3%, to close at $89.34 a barrel on the New York Mercantile Exchange.
Analysts said traders were buying up oil in case the anti-government sentiment spreads and disrupts oil output. The buying not only reflected fears about immediate oil supplies but also whether new governments, if they ascend to power, would be friendly to the U.S. and other western countries.
There are also reports from Bloomberg and Reuters on this story.
Traders are buying up futures in case the anti-government sentiment disrupts output in the area's oil-rich countries, analysts say.
By Ronald D. White, Los Angeles Times
January 29, 2011
Oil prices surged Friday as concerns mounted that anti-government protests in Tunisia, Egypt, Lebanon and Yemen could affect Middle East oil production. If that happens, analysts said, oil prices could quickly rise to $130 a barrel.
The protests sent crude oil futures for March delivery up $3.70, or 4.3%, to close at $89.34 a barrel on the New York Mercantile Exchange.
Analysts said traders were buying up oil in case the anti-government sentiment spreads and disrupts oil output. The buying not only reflected fears about immediate oil supplies but also whether new governments, if they ascend to power, would be friendly to the U.S. and other western countries.
There are also reports from Bloomberg and Reuters on this story.