Oil Advances Above $110 on Report of Saudi Pipeline Explosion

[Javaman]

http://www.bloomberg.com/news/2012-03-01/oil-advances-a-second-day-on-rising-iran-risk-declining-jobless-claims.html

Oil climbed over $110 a barrel for the first time since May after an Iranian state-run news channel reported an explosion on a pipeline in Saudi Arabia. A Saudi official said no oil facilities were sabotaged.

Futures reached $110.55 at 3:17 p.m. in New York after Iran’s Press TV reported on its English-language website that “an explosion has hit oil pipelines in the flashpoint Saudi Arabian city of Awwamiya,” then fell back below $109. Major General Mansour Al-Turki, a spokesman for the Saudi Interior Ministry, said no oil facility in the region has been sabotaged after reports of a fire near the Ras Tanura refinery.

Crude oil for April delivery rose $1.77 to settle at $108.84 a barrel on the Nymex before the Press TV report. Photographer: George .“It looks like it’s a rumor but it shows you how sensitive the oil market is to any kind of supply constraint,” said Phil Streible, a Chicago-based commodities broker at RJO Futures.

Crude oil for April delivery rose $1.77 to settle at $108.84 a barrel on the Nymex before the Press TV report. The price was $108.73 at 5:11 p.m. Futures settled at a nine-month high of $109.77 on Feb. 24.

more at link...

[Junkdrawer]

1. Here we go....

[libtodeath]

2. Take

oil off the futures market,make it a purchased and possessed commodity.

[pinboy3niner]

3. UPDATE: Oil prices dip after Saudi Arabia denies reports of pipeline explosion

posted in LBN by dipsydoodle:

Oil price falls back from 43-month high
http://www.democraticunderground.com/101465863

[Motown_Johnny]

4. +1

[Javaman]

5. oh, thanks for the correction. :) cheers! nt