Crude oil rises

crude oil has in fact jumped by about a dollar since i wrote the previous post. Here is the reason. I took this BBC news literally and thought the russia georgia conflict was over. The key part of the news is the quotes used in the title :).

I tried to find out how much of oil passes through georgian pipelines. It seems most of what Azerbaijan produces passes through Georgia. This is roughly 500K bbd. This may not appear that much as compared to total oil production of over 80million bbp, but it depends on how long these pipes are shut.