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David Rosenberg warns of $200 oil if turmoil hits Saudi Arabia

February 27, 2011 Comments off

Violence in Libya is roiling global financial markets today, driving down stock prices and pushing the cost of crude (CL-FT) to above two-year highs as several companies suspend output and fears grow of even more severe disruptions.

Libya is the new focus for the turmoil that began in Tunisia and spread to Egypt, Yemen, Jordan and elsewhere. While oil prices have bounced around amid the trouble, the crisis in Libya has heightened fears of another oil price shock. Libya accounts for 2 per cent of global crude output, and is home to the largest oil reserves in Africa, Globe and Mail writer Tavid Grant reports.

“If this means we see $100 a barrel much sooner than we expect, it is clearly going to impact on global economic recovery,” warned Yusuf Heusen, senior sales trader at IG Index. “This would only hinder share prices in the months to come.”

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“There will be no peace on Earth until My Son’s Kingdom. I will crush every kingdom now standing and rock the earth off its foundation. I Yahweh will destroy every enemy to My throne, and who can stop Me? Who can turn back My anger? No one.” – Yahweh

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