Oil jumps above $100 on refinery outage

[Narkos]

Oil futures shot higher Tuesday, closing above $100 for the first time as investors bet that crude prices will keep climbing despite evidence of plentiful supplies and falling demand. At the pump, gas prices rose further above $3 a gallon.

There was no single driver behind oil's sharp price jump; investors seized on an explosion at a 67,000 barrel per day refinery in Texas, the falling dollar, the possibility that OPEC may cut production next month, the threat of new violence in Nigeria and continuing tensions between the U.S. and Venezuela.
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Expect to see more of this.....

[Festivito]

1. Got a link? Makes no sense that less need raises the price!

With less refinement capacity the price of an unrefined barrel should go DOWN. So, who is arguing it should go UP?

Not that I think we lack capacity...

[Narkos]

3. Sorry, here's the link!

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD8UTIU1G5

[CGowen]

4. "although analysts say there isn't a single factor to explain the move." n/t

[stevebreeze]

2. soon we will save lots of gas by not driving to work!

what a happy day that will be for the country.
!#$%%%$ Bush Republicans!