Dow sinks 110 points first minutes of trading, oil spikes 7% as investors worry about Libya

[villager]

Source: CNN


NEW YORK (CNNMoney) -- Oil prices jumped 7% Tuesday, spiking as high as $98 a barrel, as the crisis in Libya sparked concern that the turmoil roiling the Middle East could spread to other producing countries -- including Saudi Arabia.

U.S. crude for April delivery rose 7.5% to $96.48 a barrel in early trading. The U.S. market was closed Monday for a holiday, although there was a 6% gain in international trading.

The unrest in Libya has entered its eighth day, fueled by protestors against dictator Moammar Gadhafi's 42-year reign and high unemployment. At least 233 people have been killed since protests began, according to Human Rights Watch.

Gadhafi appeared on state-run television in front of his Tripoli home in response to Western news reports that he had fled the country.

"I am in Tripoli, not in Venezuela," said Gadhafi, 68. "Don't believe those dogs in the media."

Libya is the latest country in a wave of discontent that started in Tunisia and swept through North Africa and the Middle East in recent weeks. Among the nations affected was Egypt, where long-time president Hosni Mubarak was forced out of power after nearly 30 years.

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Read more: http://money.cnn.com/2011/02/22/markets/oil_libya_markets/index.htm

[Initech]

1. Someone sneezed in Morocco, oil prices spike another $2/barrell.

[dipsydoodle]

2. Supporting the protests

In Algeria , Tunisia , Libya , Egypt , Bahrain.........without expecting higher oil prices is hypocritical.

Just be satisfied it oil doesn't cross $200 a barrel.

[SteveG]

3. The Dow seems to be recovering

It's picked up 55 points. It is now at 12,335.29

[russspeakeasy]

4. Speculators will get richer....

[ChairmanAgnostic]

5. dogs in media? He's just like Sarah!

[bluestateguy]

6. You know why yesterday was such a beautiful day?

The market was closed. One precious Monday when we didn't have to listen to those screaming yo yo's who do nothing but trade things that don't exist all day long.