Oil just spiked again, on news Saudi Arabia is bombing rebel positions in Yemen

Anti-Houthi protesters yemenReutersAnti-Houthi protesters demonstrate in Yemen’s southwestern city of Taiz March 23, 2015.

Crude oil just spiked again, gaining almost 2% to bring it back above the $US50 per barrel mark.

It follows news that Saudi Arabia has begun bombing positions of Iran-backed Shiite rebels in Yemen, which is in chaos following the dismantling of its government by Houthi militia.

Oil has been regaining some of its value this month, following the Fed decision on March 20th and the Baker Hughes rig count showing the lowest number of oil rigs in use since 2011.

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