CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. A mixed day in the energy pits. Crude was down a bit and nat gas popped after a drawdown that was greater than expected.» Read More
Aecom, a Los Angeles-based company with employees around the world, is pulling all of its American workers out of Libya, as turmoil in the nation intensifies.
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Oil prices could make further gains but US stocks could be set for a difficult year, Marc Faber, the author the closely-watched Gloom, Boom and Doom report, said in an interview.
"Higher oil is by definition going to be a drag on spending and the economy and the uncertainty the middle-east crisis is creating is bad news for sentiment," Simon Derrick, head of currency research at BNY Mellon, said.
Clashes in oil producer Libya sent benchmark Brent crude to 2-1/2-year highs on Monday above $105 a barrel on fears that supplies to Western countries could be disrupted, while U.S. prices rallied by more than $4.
The uprisings in the Middle East have been in part blamed on soaring food prices but one market watcher told CNBC those states with huge oil wealth should be better able to keep their people appeased by subsidizing food prices and other incentives.
Mideast tensions are growing. Technical levels are being breached. And there’s a long weekend ahead. All reasons for traders to cover short positions on oversold oil futures and take profits on positions that have skyrocketed over the past few weeks.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Nat gas was down on the day, but remained above $5. Oil was up slightly on the day. And gold was up, as well.