This just in - crude oil's in a bull market. Up 1.6%, WTI crude hits a new high for the move of...


This just in - crude oil's in a bull market. Up 1.6%, WTI crude hits a new high for the move of $105.25/barrel - it's up 15% YTD and more than 30% from a year ago. Middle East rumblings may make a good excuse, but the run suggests some strength to global demand despite the curiously weak Chinese trade data overnight (which may just be a reversal of previous curiously weak data). Could the rising price put a dent in the Fed's projections of economic strength? USO +0.5% premarket.

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Comments (2)
  • Paulo Santos
    , contributor
    Comments (35493) | Send Message
     
    Demand is weak in China and the U.S. but production is racing ahead in the U.S., Canada, etc.

     

    Why is it rallying? Speculation and money printing - the COT report shows speculators gorging on it.

     

    And it's also irrational for it to be up so much on supply drops that:
    1) Are seasonal;
    2) Come about due to an implosion in imports.
    10 Jul 2013, 07:23 AM Reply Like
  • Robert Loftus
    , contributor
    Comments (738) | Send Message
     
    Oil and gasoline futures always rise between Monday overnight trading on into Wednesday morning. It's the typical weekly bump before the EIA report comes out.
    10 Jul 2013, 08:05 AM Reply Like
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