Oil Keep on Swinging

Posted by Kris | Monday, July 21, 2008 | | 0 comments »

Oil prices have been very very violatile again as usual. Swinging from USD140 to USD130 within a week.

Oil prices rise to near $130 a barrel in AsiaMonday July 21, 12:54 am ET By Alex Kennedy, Associated Press Writer

Oil prices rise to near $130 a barrel in Asia as Iran nuclear talks end without agreement
SINGAPORE (AP) -- Oil prices rose on Monday in Asia to near $130 on concerns that the threat of new sanctions against Iran over its nuclear program may escalate tensions in the oil-rich Gulf region.

Talks on Saturday ended with Iran stonewalling Washington and five other world powers on their call to freeze uranium enrichment. In response, the six gave Iran two weeks to respond to their demand, setting the stage for a new round of U.N. sanctions.