It's a conspiracy, I tell ya! These oil barons in South America and the Middle East are creating "news" because it keeps oil prices up. The political wing-nuts can say what they will about conflicts, but oil traders are buying up oil futures on any dip. Oil briefly dropped below $70 a barrel Friday, but it didn't last very long. Here's the article:
"VIENNA, Austria (AP) -- Oil prices rose back near $72 a barrel Monday, rebounding from declines the week before, after Iran insisted that it will not suspend uranium enrichment.
Prices also appeared underpinned by concerns about supply disruptions in Nigeria due to civil unrest and fear of potential hurricanes that could strike Gulf of Mexico refineries. Traders were also watching for signals of where fuel demand is headed in the wake of BP's production woes at its Prudhoe Bay field in Alaska...
Speaking after Iran's military test-fired 10 short-range missiles, Foreign Ministry spokesman Hamid Reza Asefi said a nuclear compromise would have to be reached during future negotiations.
"Everything has to come out of negotiations," Asefi said. "Suspension is not on our agenda."
The U.N. Security Council passed a resolution last month calling for Iran to suspend uranium enrichment by Aug. 31 or face the threat of economic and diplomatic sanctions.
"It is very difficult to decide what to do now in this situation," said Koichi Murakami, an analyst with brokerage Daiichi Shohin in Tokyo..."