Oil reached $79.05 in electronic trading on the New York Mercantile Exchange [this morning]. That is almost certainly not the end of its rise and for a number of reasons $90 crude is likely on the way before year’s end.
Oil has, so far, traded higher primarily because of weakness in the dollar and the perception that demand will rise as the global economy recovers. It is likely that signs of the recovery will increase, at least temporarily.
Oil has, so far, traded higher primarily because of weakness in the dollar and the perception that demand will rise as the global economy recovers. It is likely that signs of the recovery will increase, at least temporarily.
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