Why did oil jump 8% today? What caused this spike? Are we going back to old behaviors?

A couple of reasons:


1 - open cut production


2 - Dow Chemical's deal with Kuwait fell apart.


3 - Israel fighting with Gaza. While neither has any oil, it leads to general regional instability, and that makes people worried.Why did oil jump 8% today? What caused this spike? Are we going back to old behaviors?
If you believe the news reports, the latest spike was caused partially by the recent escalation of tensions between Israel and Hamas, and partially by OPEC members finally complying with the agreed-upon cuts in production, rather than a return to old habits (yet).Why did oil jump 8% today? What caused this spike? Are we going back to old behaviors?
The situation in the Gaza Strip is causing the spike. The fighting is putting fear in many people's minds because the area is a big producer.
It's all about supply and demand. OPEC is cutting back supply. The mainstream media will probably say people are going back to driving more but the numbers say mass transit use is up.
Fears generated by the conflict in Gaza.....Seems as though any time some one in the Middle east burps....Oil prices bump up
The conflict between Isreal and Hamas. Any excuse to jack up prices. Neither of these even have any oil. Go figure.





k
Because OPEC has cut production by 6% in order to raise the price of crude.
I have seen more gas guzzlers on the road, which increases price by supply and demand.