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News Link • Energy

Oil Goes Berserk In Electronic Trading As WTI Passes $98

• ZeroHedge.com
 
As Zero Hedge advised in early January when the severity of the Maghreb revolution was made all too clear to anyone not willing to stick their head in the CNBC sand, oil could well be the buy of a lifetime ahead of a downward spiral of unprecedented geopolitical proportions. Sure enough, today alone, WTI (April) has surged from $90 yesterday to over $98 in electronic trading (see below). Either this is some computer gone haywire in the closed session, or when America wakes up tomorrow we may be on the verge of another flash crash. As for Brent, it passed $108.50. As a reminder, and people forget this all too readily, each dollar jump in crude wipes out $100 billion in US GDP. That means that at face value, today's move in the commodity complex, may have taken out as much as 5% of annualized GDP when fully processed through the economy!

1 Comments in Response to

Comment by Powell Gammill
Entered on:
Libyan turmoil weighs on stocks as oil surges

http://www.boston.com/business/markets/articles/2011/02/22/libyan_unrest_sinks_asian_markets_airlines_

http://apnews.myway.com/article/20110222/D9LHFSU80.htmlplunge/


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