Question Details
Oil Price, what next?
kruijs in
Business
» Indices
Settled on 03/16/2011 09:12 Settled by
kruijshttp://www.marketwatch.com/investing/future/BU11J/historical?CountryCode=zz
Predictions
Background
The price of oil is already indicating to us that the current turmoil in the Middle East will not be resolved in the short term. Prices of most major grades of oil spiked last week after tensions heightened in Libya and, although they've retreated a bit, they remain volatile.
"We are starting to see Egyptian and Tunisian type popular tensions spread to some key oil producing states, which should provide a key support under the commodity. Specifically, both Iran and Libya have seen an increase in protests. This is relevant because, based on the most recent data, Iran is the second largest producer of crude oil in OPEC, at 3.7MM barrels of oil per day, and Libya is a sizeable producer as well at 1.6MM barrels of oil per day."
http://finance.fortune.cnn.com/2011/03/01/oil-fear-trade-how-middle-east-unrest-could-lead-to-lower-prices/?iid=EAL
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