Posted on 03/31/2011 10:14:46 AM PDT by Signalman
NEW YORK (CNNMoney) -- Oil prices jumped Thursday, rising above $106 a barrel, as the U.S. dollar weakened and turmoil in the Arab world continued to stoke supply concerns.
The main U.S. oil contract, West Texas Intermediate, for May delivery was up $2.07 to $106.34 a barrel. Brent crude, the European benchmark, rose $1.90 to $117.03 a barrel.
The rally came as the dollar slumped 0.4% against the euro on speculation the European Central Bank is poised to raise interest rates to ward off rising inflation.
Eurostat, the European Union's statistics agency, estimated Thursday that euro area inflation rose 2.6% in March, up from 2.4% in February.
While inflation has also ticked higher in the United States, the Federal Reserve is not expected to raise interest rates soon, even as the central bank signals an end to its asset purchase program.
(Excerpt) Read more at money.cnn.com ...
Will it stop at $5 per gallon or $6?
ANY excuse to jump it up. We get a drop from LiberalYa and our prices jump out of sight.
The list, ping
Let me know if you would like to be on or off the ping list
I thought oil would crash as the Obama plan showed the world how Wind Mills would put them out of business.
Thank God this isn’t included in the core inflation rate!
Yeah, man, I'd have a real hard time making ends meet if it were.
Or food prices or burning food for fuel (Ethanol)...I feel much better that our recovery is still on track...WINNING! -Sheen
Winning-Sheen
LOL!
Reminds me obama.
It’ll be $6 by June.
Ever notice how every year, oil always manages to find some excuse to rise until the peak of summer driving season and then declines?
It amazes me how often those two statistics converge.
Every year it’s always some excuse as to why oil has to rise as summer approaches.
Too strange.
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