Oil prices retreat after spike on Mideast turmoil

CNN, Yahoo! News by Ben Rooney | Feb. 28, 2011 (Investigative Report)

Oil prices eased Monday, retreating from recent highs, as investors continue to monitor the political movement in North African and the Middle East.

The benchmark U.S. oil contract, West Texas Intermediate, for April delivery was down 2 cents to $97.86 a barrel.

Brent crude, the main European contract, was up 28 cents to $112.42 a barrel.

The oil market remains focused on the Middle East and North Africa, where popular uprisings ... Full Story »

Posted by Samuel W. Velsor IV

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Related Comments: Global Economy (2)

3.2

by Samuel W. Velsor IV - Feb. 28, 2011

Lacks depth but does cover most of the important items of the growing and unstable Oil crisis.

I have a bad habit of saying the glass is half empty, that said, I think the worst has yet to pass as it will not take much for someone to hit the "Panic Button"; four dollar a gallon gas - lets really hope we don't see $5. (U.S.)

Analysts at Bank of America estimate in a research report that the surge in oil prices last week was the 8th largest supply shock since 1950. More »

Samuel posted this story.

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4.0

by Rumman Haq - Mar. 28, 2011

This was a good article and well written because they based it on all factual information.

A good point is being brought up that people don't realize how much this mid east drama will have an impact on our country such as the jump in oil prices.

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4.0

by dmartin - Mar. 4, 2011

I thought this was a good article written because it goes straight into facts in the opening of the story. The way Ben Rooney went straight into statistics by the second paragraph had grabbed my attention immediately. The article is brief and leaves out any excess information which allows it to give a reader very valuable data in a short article.

Since the date this article was written, researchers speculate that gas prices in the U.S can go well over $4.00 per gallon. I believe that once oil shipments go back to normal when Libya protest and conflicts end, prices of oil barrels will decrease.

“U.S. oil prices surged above $100 a barrel last week, while prices in Europe hit a high of $120 a barrel — levels not seen since 2008.” More »

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