Gunfire Bolsters Oil Prices

[Conan71]

Why didn't I think of this?

"Oil pared losses after the police in Saudi Arabia, the Middle East’s biggest producer of crude, reportedly opened fire at a rally in the east of the country.

New York futures rebounded from a four-month low and Brent crude oil, Europe’s benchmark, briefly rose after the news of the gunfire. Oil earlier fell as much as 3.6 percent after U.S. unemployment claims increased and Spain’s credit rating was cut, bolstering concern that the global economic recovery and fuel demand growth will slow.

“When the Saudi Arabia story broke, shorts got scared out of the market,” said Richard Ilczyszyn, a market strategist at Lind-Waldock, a broker in Chicago. He referred to traders betting that the market would fall. “The bad economic data probably led you to believe that growth is not as good as expected.”


Read more from this Tulsa World article at http://www.tulsaworld.com/business/article.aspx?subjectid=49&articleid=20110310_49_0_NWYRir488967