Middle East Violence Sparks a Rise in Crude Prices
Posted on 30. Dec, 2008 by admin in Crude Oil, Forex News
A rally in Crude Oil was seen yesterday as continuing violence in the Middle East sparked a price jump. The price reached above $42 at one point, settling at $39.60 for the day. Analysts are concerned that an increase of violence in the region could disrupt Oil supplies, driving Crude prices higher.
The price appears to be so low, that some are calling this event the start of a rally in Crude Oil prices. This idea may hold little water, unless other Oil producing nations are brought into the conflict which may cause a disruption in the supplies. For the remainder of the year, Crude may continue to hover around the $40 mark.
