Oil Volatility Doubles, Price Hits $105 a Barrel

Middle East unrest sends prices soaring
By Kevin Spak,  Newser Staff
Posted Feb 21, 2011 11:58 AM CST
Brian Sprague fills his his car's tank with gas in Philadelphia, Wednesday, Feb. 16, 2011.   (AP Photo/Matt Rourke)

(Newser) – Oil futures are bubbling upward thanks to the unrest in the Middle East, sending crude’s 20-day volatility rating skyrocketing to 29.4—more than double the all-time-low of 12.6 it set at the end of December, Bloomberg reports. In London, Brent crude sold for more than $105 a barrel today, setting a two-year high.

“Prices gyrate wildly with each new headline,” one energy analyst says. “If more moderate and friendly-to-the-West governments like Jordan or Bahrain topple, $100 may not be so ridiculous as it seemed only a few days ago.”

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