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Oil Blasts Off Again



March 22, 2011 – Comments (0)

The catalyst for higher oil prices today is certainly the fighting and rioting in Egypt, Libya, Bahrain, and Yemen. The United States Oil Fund has surged higher intra-day by 0.85 cents to $42.00 a share. Spot crude jumped higher on the NYMEX by $1.67 to $104.00 a barrel. If there are any protests in Saudi Arabia, oil could really see a sharp spike higher. The new intra-day resistance level for the USO will be around the $42.25 and $42.60 levels.


Nicholas Santiago

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