Oil Slumps as Saudi Assures Supply

Risk appetite appeared to have improved modestly after unverified news said that Libya's leader Muammar Gaddafi might have been shot. Wall Street trimmed losses with DJIA and S&P 500 slipping -0.31% and -0.1% respectively. (The stock markets rebounded in Asian session today.) Oil prices reversed the gains made earlier in the day as Saudi Arabia, the US and the IEA assured that they would release emergency oil stockpiles when needed. The front-month contract for WTI crude oil initially surged to a 29-monht high of 103.41 before settling at 97.28, down -0.84%.

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Oil Slumps as Saudi Assures Supply