Think of oil reaching $125 - $130 as this crisis unfolds ... and if the contagion spreads to Saudi Arabia add at least another $50
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" 'This is potentially worse for oil than the Iran crisis in 1979," said Paul Horsnell, head of oil research at Barclays Capital. "That was a revolution in one country, here there are so many countries at once. The world has only 4.5m barrels-per-day (bpd) of spare capacity, which is not comfortable.'
US oil contracts jumped more than $9 a barrel in a matter of hours on Tuesday to touch $98, chasing Brent crude at a 30-month high of $109 as the whole global oil system is drawn into the vortex. While Egypt is a minor oil player, Libya's Sirte Basin holds Africa's largest reserves and supplies 1.4m bpd in exports, mostly to Italy, Germany and Spain."
http://www.telegraph.co.uk/finance/financetopics/oilprices/8339955/Oil-shock-fears-as-Libya-erupts.html
Think of oil reaching $125 - $130 as this crisis unfolds ... and...
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