Oil Spikes, Stocks Dip on Anti-Government Unrest in Libya
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Oil surged to a two-year high as stocks fell the most in three weeks amid escalating anti-government violence in Libya.
The unrest in Libya caused crude oil to jump as much as 9.6 percent from the close on February 18 to $94.49 per barrel.
The Libyan leader, Muammar Qaddafi has stated that the he is the leader of revolution that requires "sacrifice until the end of life," defying the widening revolt that has left dead bodies in street's of the Libyan capital and rebels claiming control of the nation's second-largest city.
"Muammar al-Qaddafi has no title to be sad about it and resign," Qaddafi said. "I am a fighter, a revolutionary from tents ... I will die as a martyr at the end. I have not yet ordered the use of force, not yet ordered one bullet to be fired ... when I do, everything will burn."
The unrest in the Middle East has been spurned by the revolutions in Tunisia and Egypt, leading to anti-government unrest in higher positioned global economies in nations such as Libya, which can impact oil supply throughout the world.
Around the Markets on Tuesday:
The unrest in Libya caused crude oil to jump as much as 9.6 percent from the close on February 18 to $94.49 per barrel.
The Libyan leader, Muammar Qaddafi has stated that the he is the leader of revolution that requires "sacrifice until the end of life," defying the widening revolt that has left dead bodies in street's of the Libyan capital and rebels claiming control of the nation's second-largest city.
"Muammar al-Qaddafi has no title to be sad about it and resign," Qaddafi said. "I am a fighter, a revolutionary from tents ... I will die as a martyr at the end. I have not yet ordered the use of force, not yet ordered one bullet to be fired ... when I do, everything will burn."
The unrest in the Middle East has been spurned by the revolutions in Tunisia and Egypt, leading to anti-government unrest in higher positioned global economies in nations such as Libya, which can impact oil supply throughout the world.
Around the Markets on Tuesday:
- Crude oil for March delivery: up 5.7% to around $91.10
- Gold up 0.6% to $1,397 (not necessarily related to mid-east unrest)
- Dow Jones down 122 points (0.99%) to 12,268
- Nasdaq down almost 54 points (1.9%) to 2,780
- S&P 500 down almost 20 points (1.5%) to 1,323
- Euro Stoxx index down 0.96%, FTSE 100 down 0.3%
- Nikkei 225 index down 1.78%
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