Reuters - Brent crude rose for a second day on Thursday to surpass $116 after forces loyal to Libyan leader Muammar Gaddafi bombed oil industry infrastructure, inflicting longer-term damage on the country's exporting capacity.
Reuters - Time Magazine's intelligence columnist reported on Tuesday that Libyan leader Muammar Gaddafi has ordered his security forces to sabotage the country's oil facilities, citing a source close to the government.
Crude headed for a seventh weekly advance in New York, the longest run of gains in almost four years, amid signs of global economic growth and concern that oil facilities in North Africa are vulnerable to militant attacks.
Bernanke is hell bent on producing price inflation. He has succeeded, just not where he wants most. What Bernanke desperately wants is for housing prices to rise because that more than anything will help the banks and all the foreclosed properties they are sitting on.
The Bernanke Fed has certainly assisted the stock market, as intended, but that is not doing the average Joe much good in the face of soaring oil prices, soaring food prices, falling home prices, and zero% interest on savings.
Oil Shock Coming
Kent Moors submits: This morning I am returning home from St. Petersburg, Florida, where I spent the last several days with the Money Map team at 2011 Investment U. But while we were enjoying the sun, good food, and good conversation, matters continued to develop elsewhere that will impact investor approaches to global energy.
Irfan Chaudhry submits: Investors are betting on crude oil prices because of fears of interruption of MENA crude oil supplies. Oil rose 14% MOM. Fighting in Libya may have shut as many as 850,000 barrels a day of output, according to the International Energy Agency.