Monday, January 04, 2016 11:27:07 AM
Oil Price dropping now after Energy traders drove oil prices up as the prospect of geopolitical instability in the Middle East stemming from a fresh conflict between Iran and Saudi Arabia reverberated on the first day of trading in the new year.
The dispute over Saudi Arabia's execution of a beloved cleric among Shiite Muslims was enough to fuel a big rally in crude oil.
Sunni-majority Saudi Arabia is cutting diplomatic and commercial ties to Iran after a flurry of protests over its execution of a cleric who was highly regarded among the Shiite majority population in Iran.
The price of a barrel of West Texas Intermediate crude rose 2.1% as of 10:04 a.m. to $37.81, while the price of Brent crude rose 3% to $38.40.
Any political disruptions in the Middle East are cause for a potential uptick in the price of oil, as traders weigh whether violence or political upheaval could hinder production.
http://www.usatoday.com/story/money/2016/01/04/oil-prices-iran-saudi-arabia/78251342/
The dispute over Saudi Arabia's execution of a beloved cleric among Shiite Muslims was enough to fuel a big rally in crude oil.
Sunni-majority Saudi Arabia is cutting diplomatic and commercial ties to Iran after a flurry of protests over its execution of a cleric who was highly regarded among the Shiite majority population in Iran.
The price of a barrel of West Texas Intermediate crude rose 2.1% as of 10:04 a.m. to $37.81, while the price of Brent crude rose 3% to $38.40.
Any political disruptions in the Middle East are cause for a potential uptick in the price of oil, as traders weigh whether violence or political upheaval could hinder production.
http://www.usatoday.com/story/money/2016/01/04/oil-prices-iran-saudi-arabia/78251342/
My post is for Your Eyes only and my entertainment
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
