Crude Oil Rises After Israeli Attacks on Gaza Roil Middle East

Crude Oil Rises After Israeli Attacks on Gaza Roil Middle East

www.bloomberg.com

Dec. 29 (Bloomberg) -- Crude oil rose a second day in New York after Israeli air strikes in the Gaza strip killed more than 285 people, increasing tensions in the Middle East and prompting some investors to buy commodities as a haven.

(visit the link for the full news article)

Could this be the real reason for the current mess? Iran's economy is in a proverbial toilet due to the low oil prices, but they are not alone. There are plenty of countries, especially among OPEC, that would literally be jumping for joy if oil prices went back up.

How far would they go to push prices back to profitable levels? I fear we are about find out.

www.bloomberg.com
(visit the link for the full news article)

[edit on 28/12/08 by MikeboydUS]

You may be on to something here. Even with Saudi reducing the output of oil, prices kept dropping. Something had to be done to jack the price back up. Be interesting to see how long this last and how long oil prices rise.