RealNews

Oil Prices Reach New Peak As Terrorism Anxieties Jump

Some Worry Saudi Attack Exposes Global Weaknesses. The “fear factor” in world oil markets is greater than ever after the weekend attack on foreigners in Saudi Arabia, and energy experts predict that it will keep oil and gasoline prices high for weeks, months or even longer, casting a shadow over the global economic expansion. U.S. crude oil futures prices increased by nearly $2.50 a barrel to close at a record $42.33 yesterday on the New York Mercantile Exchange, and gasoline futures jumped 6 cents a gallon. Crude oil futures in London rose by a similar amount. It was the first chance traders in the world’s biggest oil markets had to respond to the killing of 22 people in the heart of Saudi Arabia’s oil-producing eastern region, and it demonstrated concern about the vulnerability of tautly stretched global supplies to further terrorist attacks. Full Story

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