Oil prices on the New York Mercantile Exchange hit $100 per barrel for the first time since 2008, driven by growing concerns about global supplies, as Libya's Moammar Gadhafi continued to lose his grip on the oil-rich country.
Similar uprisings in Tunisia and Egypt earlier this month already had markets on edge before protests escalated in Libya, which has the biggest oil reserves in Africa. The rebellion widened Wednesday as protesters overwhelmed government buildings and advanced around Tripoli, the capital.
West Texas Intermediate crude for April delivery jumped $2.68, or 2.8 percent, to settle at $98.10 per barrel in New York. Earlier in the day, prices hit triple digits for the first time since Oct. 2, 2008. WTI has soared 18 percent since Valentine's Day.
In London, Brent crude added $5.47, or 5 percent, to settle at $111.25 per barrel on the ICE Futures exchange. Brent, which is used to price oil in Asia, Europe and other global markets, passed the $100 mark on Jan. 31.
Regards,
"THE PIP DISPENSER"
Risk Disclosure: NFA (National Future Association)
Trading Spot/OTC Foreign currencies involves substantial risk and
there is always the potential for loss. Your trading results may
vary. Because the risk factor is high in Forex exchange market
trading, only genuine "risk" funds should be used in such trading. If
you do not have the extra capital that you can afford to lose, you
should not trade in the Foreign exchange markets. You must be aware
of the risks and be willing to accept them in order to invest in
the Forex markets. No "safe" trading system has ever been devised,
and no one can guarantee profits or freedom from loss. Unique
experiences and past performances do not guarantee future results!
Nothing in our live presentations, training courses, website, or other materials shall be
deemed a solicitation or an offer to Buy/Sell currencies in Spot/OTC
Forex Markets. No representation is being made that any account will
or is likely to achieve profits or losses similar to those discussed
or presented in any manner. Also, the past performance of any trading
methodology is not necessarily indicative of futures results. Foreign
currencies trading involves high risks and you can lose a lot of
money.
CFTC RULE 4.41: (CFTC = Commodities Futures Trading Commission)
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN
LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS
DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT
BEEN EXECUTED, THE RESULTS MAY HAVE UNDER OR OVER-COMPENSATED FOR THE
IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO
THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO
ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN OR DISCUSSED HERE, TRAINING MATERIAL, PROMOTIONAL MATERIAL OR ANY RELATED SERVICES. OUR COURSES, PRODUCTS AND SERVICES SHOULD BE USED AS LEARNING AIDS ONLY AND SHOULD NOT BE USED TO INVEST REAL MONEY. IF
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