Oil prices 'craze' Again, Wall Street sinkhole ?

York - World oil prices 'crazy' again and immediately sparked a sell-off on Wall Street. Oil prices jumped again as a warming back in the Middle East, this time in Iran.

In Tehran, demonstrators clashed with Iranian forces in ademonstration protesting the government to demand the release oftwo jailed opposition leader. It directly adds to concerns of oil supplydai Middle East.


In trading Tuesday (03/01/2011), light sweet crude for April deliveryjumped 2.66 dollars to U.S. $ 99.63 per barrel. Brent oil for April delivery also surged 3.62 dollars to U.S. $ 115.42 per barrel.
Spike in oil prices sparked a sell-direct it on Wall Street. CBOEvolatility index VIX volatility index which measures investor fearsurged 14.5% to 21.01 as the oil price uncertainty.

"We have comprehension how quickly the VIX to rise and there is no reason to believe that number will not be increased 2-fold fromnow," said Harry Rady, CEO of Rady Asset Management, was quoted as saying by Reuters on Wednesday (02/03/2011).

In trading Tuesday (03/01/2011), the Dow Jones index slipped to169.38 points (1.39%) to the level 12056.96. The broader Standard & Poor's 500 index also dropped 21.04 points (1.59%)to a level of 1306.18 and the Nasdaq slumped 44.86 points(1.61%) to a level of 2737.41.

Trade went very crowded, with transactions on the New York StockExchange reached 8.67 billion shares, above the daily averagethis year which amounted to 8.47 billion shares.

The weakening of the Dow a little restrained by the reinforcementof shares of Wal-Mart Stores Inc. and Coca-Cola, each of whichrose 0.2% and 1.5%
Source: detikfinance.com

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