[AP] - Oil prices jumped to fresh 30-month highs above $108 a barrel Monday as the conflict in Libya extended market concerns about supply risks and signs of a recovering U.S. jobs market bolstered optimism that global crude demand will strengthen.
By Frank Holmes
CEO and Chief Investment Officer
U.S. Global Investors
In 2011, oil was one of the top performing commodities among those we track, with Brent rising more than 13 percent. Geopolitical risk and unexpected non-OPEC supply losses caused oil to rise significantly in early 2011. By October, we saw the black gold sink to a low of $96 per barrel before rising to its current level of nearly $108 a barrel.
Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog.The article below is a guest contribution by Frank Holmes, CEO and Chief Investment Officer of U.S. Global Investors.