Oil Gains Over 3% On Libya, OPEC and Middle East Escalation ...Middle East

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Oil Gains Over 3% On Libya, OPEC and Middle East Escalation
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Crude oil prices rose more than 3% Wednesday driven by escalating tensions in the Middle East, an OPEC pledge of unity and the shut-in of Libya’s biggest oilfield over protests.  At 2:01 p.m. ET on Wednesday, Brent crude was trading up 3.07% at $78.22, while West Texas Intermediate (WTI) was trading up 3.38% at $72.76.  Up until now, weak fundamentals had been counterbalancing any impact on oil prices from escalating tensions in the MIddle East.  “We haven’t seen prices react much in part because…

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