{"id":277434,"date":"2011-02-23T13:08:43","date_gmt":"2011-02-23T13:08:43","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/23\/oil-prices-cool-after-big-spike\/"},"modified":"2011-02-23T13:08:43","modified_gmt":"2011-02-23T13:08:43","slug":"oil-prices-cool-after-big-spike","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/23\/oil-prices-cool-after-big-spike\/","title":{"rendered":"Oil prices cool after big spike"},"content":{"rendered":"<p><div readability=\"68.2392986075\">    <!-- KEEP --><a href=\"http:\/\/money.cnn.com\/data\/commodities\/index.html\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/06518d30rgy_oil.top_.png\" alt=\"Oil prices\" width=\"475\" height=\"280\" border=\"0\" class=\"cnnstoryImageFull\" \/><\/a><span><b>Click chart for more oil and other commodity prices.<\/b><\/span><span id=\"fb-recommend\"\/><br \/>\n<span>By Ben Rooney, staff reporter<\/span><span>February 23, 2011: 8:08 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; After rocketing higher earlier this week, oil prices were holding steady early Wednesday as investors kept a wary eye on events in the Middle East.  <\/p>\n<p>Crude futures for April delivery edged up 50 cents, or less than 1%, to $95.92 a barrel in electronic trading in New York. <\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>Brent crude, the European benchmark oil price, rose $1.62, or 1.2%, to $107.40 a barrel. <\/p>\n<p><a href=\"http:\/\/money.cnn.com\/2011\/02\/21\/markets\/oil_world_markets\/index.htm\">Oil prices surged<\/a> to their highest levels since 2008 as violence spread in Libya, the latest North African country to be swept up in a wave of anti-government protests that started earlier this year in Tunisia. <\/p>\n<p>The <a href=\"http:\/\/money.cnn.com\/2011\/02\/22\/markets\/oil_libya_markets\/index.htm\">rally continued<\/a> Tuesday as investors in the United States returned to work following the Presidents&#8217; Day holiday and Libyan leader Moammar Gadhafi took a hard line, insisting that he is still in power and cracking down on the opposition.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>Libya is the first oil exporting nation to be impacted by the unrest in the Arab world. While it only contributes about 2% of global output, some analysts are worried that the unrest could spread to more significant oil exporters in the region. <\/p>\n<p>The surge in oil prices lost some momentum early Wednesday, suggesting that a prices may stage a modest retreat, according to Tom Pawlicki, an energy analyst at MF Global. But investors will continue to focus on the Middle East, he added. <\/p>\n<p>&#8220;The market remains on edge that tensions will migrate across the Middle East and toward major oil producer Saudi Arabia,&#8221; he said. &#8220;A spreading of potential revolution elsewhere in the Middle East may continue to boost oil pries in the near-term.&#8221;\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/23\/markets\/oil\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><\/p>\n<p>First Published: February 23, 2011: 7:51 AM ET<\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/06518d30rgy_oil.top_-150x88.png\" \/><\/p>\n<p>Excerpt from:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/u5DFItYWU0s\/index.htm\" title=\"Oil prices cool after big spike\" rel=\"noopener noreferrer\">Oil prices cool after big spike<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Click chart for more oil and other commodity prices. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-277434","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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