Escalating violence pushes oil price higher

[DogPoundPup]

Source: Financial Times

Crude oil prices closed above $49 a barrel yesterday as fighting between Israel and Hamas escalated.

Nymex February West Texas Intermediate rose $2.47 to $48.81 a barrel. ICE February Brent gained $2.71 to $49.62 a barrel.

Further support for oil prices came from concerns over supplies from Nigeria after militants at the weekend blew up a pipeline operated by Agip, a unit of Italian oil company Eni.

The US government is to buy 12m barrels of crude to replenish the country's strategic petroleum reserve, taking advantage of the steep fall in oil prices.

Read more: http://www.ft.com/cms/s/0/197ecde4-db91-11dd-be53-000077b07658.html?nclick_check=1

[Deja Q]

1. I knew there'd be a good reason! And next week, it'll climb because the headline will read

"Britney Spears and Jim Morrison Make Love Child"

[Skink]

2. I knew I should have filled up tonight.

[xchrom]

3. recommend

[depakid]

4. The Israeli government is having an adverse affect on the American economy

at the worst possible time.

Sounds to me it's in the national interest to reign in the zealots.

Hopefully, the incoming Obama administration realizes this- as the success of the recovery plans- and his presidency is on the line.