4:00PM EST: Oil dropped sharply following Saudi Arabia’s assures it could fill any Libyan supply shortfalls and unconfirmed rumors Libyan leader Muammar Gaddafi had been shot.
A senior U.S. official told NBC News the U.S. government had no reason to believe that the Libyan leader is dead. However, the rumor swept through oil markets and sent prices tumbling more than $2 a barrel in late Thursday trade.
Oil markets had earlier eased on news top OPEC exporter Saudi Arabia was in talks with European refiners affected by the disruption. Traders have been on edge on concerns the unrest sweeping across Northern Africa could spread to other oil-producing countries.
3:20PM EST: Oil prices continued to rise Thursday as the political upheaval in Libya has curtailed production from the North African country.
The U.S. benchmark oil contract, West Texas Intermediate, for April delivery gained $1.06, or 1%, to $99.16 a barrel. Prices hit a high of $103 a barrel earlier in the session. Just last week, crude prices were trading below $90 a barrel.
Brent crude, the European standard, gained $2.82, or 2.5%, to $114.08 a barrel.
Oil prices rose above $100 a barrel Wednesday for the first time since October 2008, before retreating to end its active trading session at $98.10 a barrel.
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6 Responses
Why get caught in the sensationalism of the rest of the media?
When the posting hit YWN the price of oil was trading down to 95 and change.
If only we were able to drill here and drill now, this wouldn’t be that big a deal.
I hope the US State Department doesn’t drill, it would brutally murder thousands of innocent fish… Gadaffi would look like an angel compared to this horrific act of genocide.
Drill basy drill!!!!!!!!!!!!!!
No. 2: Move to the coast of the Gulf of Mexico for a while and see how you like living with oil wells. If you live in New York City, think about how you would like people drilling for natural gas in the water shed that you and other City dwellers drink from.
#5 move to suburbs where you have to drive 100 miles to work every day