Global Oil Prices spike by 8%

Saturday, 31 January 2015 - 10:09

Oil prices suddenly spiked more than 8 percent, in the biggest one-day price move for the volatile commodity in nearly three years.

But most energy experts said it was too soon to say whether any meaningful shift was underway.

Experts said the sudden move up, could be explained by various factors, including reports that the Islamic State terrorist group was advancing in an offensive near Iraq’s northern oil fields.