Oil Slips As US Says Airstrikes Slow Gadhafi -- CNN.Money Headline

Yes, that was the headline I woke up to and a headline that is still on the front page, Yahoo!Financial: Oil Slips As US Says Airstrikes Slow Gadhafi.

With a fair amount of my discretionary portfolio tied up in oil and oil services, I was naturally curious to see how much the price of oil had slipped. When I checked: 15 cents. Yup. 15 cents. Trading in a narrow range around $102. And the headline is "Price of oil slips." Give me a break.

A more appropriate headline: "Oil Trading in Narrow Range Despite Libyan War, Japan Disaster, China Growth, Lack of US Energy Policy."

So, now, three hours later, what is oil doing? By CNN.Money reckoning the headline should be "Oil Price Skyrocketing After USAF F-15 Crashes Over Libya."

Yup. Oil was up another $1.00 after that news came out. Pundits say that increasing tension in Syria is driving up the price of oil (I was unaware that Syria had any oil.)

I can't make this stuff up. "Oil Slips As US Says Airstrikes Slow Gadhafi." Fifteen cents on $102/bbl.

[Update, Tuesday, end of day: oil closed up $1.67, to $104.00. Apparently it topped $105, but if it did, I missed it. Iraq's new oil minister said Tuesday that he expects oil to reach $120 a barrel.]