Brent Crude Jumps to Two-Year High Above $108, Gold Rises on

http://www.bloomberg.com/news/2011-02-2 ... -east.html


Oil rose to a two-year high and gold rallied for a sixth day surpassing $1,400 an ounce as tension in the Middle East escalated. Stocks fell the most in a month as Eni SpA led companies with operations in Libya lower.

Brent crude gained 3.1 percent to $105.70 at 1:38 p.m. New York time, the highest since October 2008. Gold climbed 1.2 percent and silver added 3.7 percent.

I am dating myself but I can remember when oil was $16 a barrel.

Unintended consequences? Obama has sold many more assault rifles than Bush and his envormental policies and love of a cheap dollar has made oil companies very rich.

If Libya goes into civil war, oil could reach $130 a barrel.

conifermtman wrote: If Libya goes into civil war, oil could reach $130 a barrel.

It is looking ugly in Libya.

UPDATE 8-Oil soars on Libya violence, WTI shorts cover
Mon Feb 21, 2011 3:17pm EST
http://www.reuters.com/article/2011/02/ ... TK20110221

* Oil prices surge on Libyan unrest, protests in region

* Tribal leader threatens to halt oil exports

* Wintershall shutting down 100,000 bpd of output

* OPEC officials say markets remain well-supplied

* US crude leads gains as blown-out Brent/WTI corrects
(Updates prices in paragraphs 7-11, adds Saudi quote in
paragraph 22)