U.S. crude oil dips to $48.33

Global oil prices continue to shoot up amid tensions in the middle east. While Nymex U.S. light crude oil for March series rose $1.07 to $48.33 a barrel, the London Brent crude added 71 cents to settle at $46.10 per barrel.

The COMEX gold slipped 40 cents to close at $426.90 an ounce.