On a day when unemployment numbers released by the United States government released statistics that show way over 300,000 jobs thus far this year (a percentage drop larger than expected), it’s upsetting. When on the same day, the Dow closes down 400 points, it’s depressing. Now it appears that on the very same day, the price of a barrel of oil seems to have jumped from $127.79 at the closing of oil trading yesterday to around $139.01 today. That’s disturbing.
Even if the price of oil jumped $11 per week, we’d be seeing $572/barrel oil in the run of a year. But you’re looking at an $11.22 burst in just 24 hours. Israel thinks an attack on an Iranian nuclear site is “unavoidable”. Nigerian oil manufacturing workers may strike. Everything works together to drive the price up.