Oil has spiked to a 30-month high on market speculation related to demand and the globalist war against the Libyan regime of Muammar Gaddafi.
Gaddafi’s forces bombed an oil field south of the city of Ajdabiya and heightened concerns about the supply of oil from the African nation.
Crude for May delivery gained around 84 cents and topped $108.78 a barrel in electronic trading on the New York Mercantile Exchange. It is the highest spike since September 24, when prices hit $108.30 a barrel. Brent oil for May settlement climbed as much as $1.05, or 0.9 percent, to $119.75 a barrel on the London-based ICE Futures Europe exchange.
“It’s becoming increasingly clear that the situation in Libya may be prolonged,” said Christopher Bellew, a senior broker at Bache Commodities Ltd. in London, told Bloomberg. “The more one looks at uprisings in the Middle East, the more one realizes they will not be easy to resolve. At the same time, oil demand is relatively inelastic to higher prices.”
Oil has climbed 28 percent since American and British intellignece prompted a rag tag gang of Gaddafi opponents to take up arms against the Libyan government.
Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, told Bloomberg upcoming elections in Nigeria may also impact oil prices. A vote to elect lawmakers was rescheduled on April 2. More than 50 people have died in election-related violence since July, according to Amnesty International. Nigeria is Africa’s most populous nation and largest oil producer.
Last week a leading neocon responsible for the Pentagon’s Office of Special Plans and the lies that led the United States into an undeclared war against Iraq – and ultimately led to the murder of nearly 1.5 million Iraqis – told Fox News it is irrelevant who controls the flow of oil. Douglas Feith said despite who controls the oil in Libya or elsewhere in the Middle East, governments will be obliged to sell it on the international market.
Neocon Douglas Feith is not worried about the oil supply
Feith admitted that conflict does interrupt the production of oil and impact prices. He did not discount the possibility that the CIA created terror group al-Qaeda may eventually control oil.
A former leader of an al-Qaeda linked group in Libya claims that there are around 1000 fundamentalist Islamic fighters in the country that have joined the uprising against Gaddafi.
The plan to invade Iraq and oust the former CIA operative Saddam Hussein and replace him with former Petra Bank chairman Ahmed Chalabi began well before a neocon-dominated Pentagon decided to invade the oil producing country enfeebled by more than a decade of brutal economic sanctions.