Market Movement

Middle East terrorism rattles marketsThe May 12 explosion of terrorist bombs that killed 34 people, including 8 US citizens and 9 suicide bombers, in Saudi Arabia also rattled energy markets worldwide as traders worried that more attacks, targeting Middle East oil production and export facilities, might disrupt global oil supplies.Saudi authorities reported a 19-member Al-Qaeda team coordinated the attacks that also wounded nearly 200 people. As a result, near-month oil futures prices jumped by more than $1/bbl in New York and London markets the next day. By midweek, the June contract for benchmark US light, sweet crudes closed at $29.17/bbl on the New York Mercantile Exchange, while Nort...

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