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Monday, February 21, 2011

Big week ahead/Libya

Keeping an eye on the whole Libya thing makes me happy to live in a country like Ireland, despite the fact that the country is broke. Horrible scenes on the news of people getting killed and I feel lucky to have been born in this part of the world.

In terms of the markets, Libya is a fairly big producer of oil and companies such as Statoil, BP and Wintershall have all suspended their operations in the country. The effect is that crude oil has been pushed up past $108 per barrell and it could go further. At first, I was kicking myself for not buying at 85 dollars but having just watched the news,  I'm not 100% sure that I would have felt good making a profit knowing what is happening over there so I'm not too bothered. If you decide to trade and go long, then in some ways, you'd be hoping for more grief to push the price up which wouldn't be very nice as we are talking about peoples lives here.

Besides, there is a knock-on effect on Gold as people seek safe investments so I've made some money on that front.

As regards the sports trading, this is a big week for me. I mentioned a while back that I was going to up my bank significantly and the time has come - I've to work this week but I should be trading with the new bigger bank over the weekend. Exciting and nervous times ahead!

Brent Crude Oil Hourly Chart:

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