Oil climbed over $110 on Report of Saudi Pipeline Explosion

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Oil climbed over $110 a barrel for the first time since May after an Iranian state-run news channel reported an explosion on a pipeline in Saudi Arabia.

Futures reached $110.55 at 3:17 p.m. in New York after Iran’s Press TV reported on its English-language website that “an explosion has hit oil pipelines in the flashpoint Saudi Arabian city of Awwamiya in the kingdom’s oil-rich Eastern province.” Saudi officials said there was no explosion, according to the Wall Street Journal. Gold jumped and U.S. equities dropped on the unattributed report.

“Oil is shooting higher due to the Saudi report, absolutely, no question about it,” said Phil Streible, a Chicago-based commodities broker at RJO Futures. “People are buying oil based on the news. Gold is also rising.”

Crude oil for April delivery rose $1.77 to settle at $108.84 a barrel on the Nymex before extending gains after the floor closed. The price was $108.81 at 4:31 p.m. Futures settled at a nine-month high of $109.77 on Feb. 24.

Brent oil for April settlement climbed $3.54, or 2.9 percent, to a 10-month high of $126.20 a barrel on the London- based ICE Futures Europe exchange. Brent rose as high as $128.40 after the settlement and dropped back to $126.17 at 4:31 p.m.

BW/ Bloomberg

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11 responses to “Oil climbed over $110 on Report of Saudi Pipeline Explosion”

  1. 5thDrawer Avatar
    5thDrawer

    Somebody needed a couple extra coins for a dancing girl on Friday night … “Oh My!  I am sure I heard an explosion.”
    World of idiots ….

    1. master09 Avatar
      master09

      I want you to rite on the black board 100 times ,SORRY IDIOTS and please don,t make that screeeeeeeechhhhhyyyy noice with the chalk. Or you can send me couple coins silver please, I like dancing girls , heheh………
      .If you want to make good money dancing girls is the way to go gogo.

      1. 5thDrawer Avatar
        5thDrawer

        Sorrscreeeeeeeechhry to ascreeeeeeeechhll Idiscreeeeeeeechhots  (x100) (computer function/control/r)
        Call it ‘Song of Jessica’ … save … copy to second track … off set by .25 seconds … add drum track of Mosh-pit …. children’s choir of St. Buupie played backward … overlay repeat half-tone down.
        (Set to infinite-play … grab scotch … head to bunker)

  2. 5thDrawer Avatar
    5thDrawer

    Somebody needed a couple extra coins for a dancing girl on Friday night … “Oh My!  I am sure I heard an explosion.”
    World of idiots ….

  3.  Avatar
    Anonymous

    Somebody needed a couple extra coins for a dancing girl on Friday night … “Oh My!  I am sure I heard an explosion.”
    World of idiots ….

    1.  Avatar
      Anonymous

      I want you to rite on the black board 100 times , IDIOTS and please don,t make that screeeeeeeechhhhhyyyy noice with the chalk. Or you can send me couple coins silver please, I like dancing girls , heheh………
      .If you want to make good money dancing girls is the way to go gogo. 

      1.  Avatar
        Anonymous

        Sorrscreeeeeeeechhry to ascreeeeeeeechhll Idiscreeeeeeeechhots  (x100) (computer function/control/r)

  4.  I dont know if any of you trade on the 4x market but I do. Most of the time 99.99% of the time all the talk about war and closing the gulf or whatever is to manipulate the oil market and make more money. Iran doing military exercises over and over and the U.S and U.K sending men in only keeps the price of oil on the up.
    I would not be surprised if they blow these pipes so the prices go up. Seriously the $10 its up for 1 month at 2 million bpd is serious cash for everyone so just imagine it going from $70 to $110 in a short time…..

     Personally I like trading gold because the market moves a lot faster and I can make a lot more a lot faster.

    1. I dont understand why gas prices go up when oil prices go up. the gas in the stations is refined and already sold to the companies. Im in FL and we pay about $6 per gallon. Some people have started buying bikes to get to work and school

  5. Bad Ass Avatar

     I dont know if any of you trade on the 4x market but I do. Most of the time 99.99% of the time all the talk about war and closing the gulf or whatever is to manipulate the oil market and make more money. Iran doing military exercises over and over and the U.S and U.K sending men in only keeps the price of oil on the up.
    I would not be surprised if they blow these pipes so the prices go up. Seriously the $10 its up for 1 month at 2 million bpd is serious cash for everyone so just imagine it going from $70 to $110 in a short time…..

     Personally I like trading gold because the market moves a lot faster and I can make a lot more a lot faster.

    1. I dont understand why gas prices go up when oil prices go up. the gas in the stations is refined and already sold to the companies. Im in FL and we pay about $6 per gallon. Some people have started buying bikes to get to work and school

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