Oil prices briefly spiked above the $69
mark Monday, Jan. 23, before sliding back down again in midday trading on the
New York Mercantile Exchange.
The Associated Press reported that prices fell
oil minister announced that there is enough supply to meet demand.
Prices for light, sweet crude fell to $68.35 in midday
Prices had been on the rise because of a nervous reaction to
’s standoff with the
West over its nuclear ambitions and continuing unrest in
There was also another spike Friday, Jan. 20, following
newly released threats against the
from Osama bin Laden.