Oil prices have been swinging lately. I thought I’d take a moment to comment on this. As discussed a few times before, oil pricing is tricky. Yes, it is a supply and demand price, but, it also is an anticipated supply and demand pricing. Worse, it moves at the whims of some very skittish people with a horrible herd mentality.
So, we see this in consecutive days ……
Oil prices rose Wednesday, sending U.S. crude above $94 a barrel for the first time in two weeks.
Crude oil for February delivery rose $1.58, or 1.7 percent, to $94.17 a barrel in New York. It’s up 2.6 percent the past two days.
A key reason for the higher price was a big drop in supplies. The U.S. government reported that oil supplies fell by 7.7 million barrels last week, more than analysts expected.
Now, that’s US oil, not Brent. So, oil…
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The Delinquent Teenager
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