Oil Prices soar after the Chile Quake
After the earthquake in Chile, the crude-oil prices soared on Monday, which further interrupted the copper production. The traders are expecting that this might give a push to commodity prices in general.
The crude delivery for April was 74 cents higher at $80.40 a barrel. Prices were moving around $80 a barrel but remained under $80.62 a barrel, which was the highest since Jan. 12. The futures in Gasoline were 2.64 cents higher.
The market price on Friday surged to $80.50 per barrel and further tried to move a little more but failed in the same, but the earthquake in Chile has offered support to commodity prices.
The gains in the price of copper, with accordance to the output variations, the same would toss on buying in all commodities.
The oil company, run by the Chile's state, Enap, closed two of its refineries after the earthquake. According to the company officials, they had ample of gasoline to last for two weeks and a 10-day stock of diesel fuel.
Later the Crude oil plunged by $80 after the Commerce Department in U. S. detailed that the consumers shall be spending more than it was expected in January.