Oil Prices Spike to 52 Week High before Closing Lower on Dow Jones

Oil Prices continued to climb today, despite speculation that the death of Osama Bin Laden, and potential for stability might slow the climb. A little before noon today the price of light crude reached a 52 week high of $114.84 before dropping below $114.00 just over 30 minutes later.

After its fall below $114 at mid-day, the oil price remained below that mark eventually closing at 113.22, about 71 cents lover than its opening price. Many felt that the move toward stability in the mid-east as a result of the news of Osama Bin Laden’s death might help to stabilize the prices. Minus the brief spike in the middle of the day, the lower close could be read as such a sign my some.

The rest of the week’s performance should give some more insight into the future direction for the price of oil and the resulting effect on rising gas prices. Recent weeks have seen gas prices across the U.S. rise to all time highs in some areas, and overall most parts of the country are just short of the four dollar mark on average.