Oil Blasts Off Again
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.