Price of Oil
Count me in as being one of those who think the price of oil is being artificially inflated by some talented manipulators. Here is a little evidence in support of my position:
The frenzied $8.23 jump in just nine days of trading on the New York Mercantile Exchange to close at $55.03 comes at a time of relative calm in the physical oil market. There are no hurricanes in the Gulf of Mexico, no strikes in Nigeria and no major outages in Iraq.
In fact, U.S. inventories of both crude oil and gasoline are up. That’s why some analysts find oil’s bullish price pivot so vexing.