Crude oil closed at an all-time high yesterday. U.S. light crude settled at $78.21 a barrel at the end of the day… a full buck and change past its $77.03 high in 2006.
“We usually see a pullback in oil prices this time of year,” our Kevin Kerr told Karl Quintanilla on CNBC yesterday. “Summer driving season is winding down, and we aren’t close enough to fall yet to be concerned about heating issues. So to see oil at record prices now makes me think there’s a much higher probability of $90 oil on the horizon.”
“Last year, OPEC and Saudi Arabia were much more helpful,” with supplies, says Kevin. “And a small tropical storm forming near the Bahamas is enough to remind traders that we aren’t out of the woods yet.”
“We usually see a pullback in oil prices this time of year,” our Kevin Kerr told Karl Quintanilla on CNBC yesterday. “Summer driving season is winding down, and we aren’t close enough to fall yet to be concerned about heating issues. So to see oil at record prices now makes me think there’s a much higher probability of $90 oil on the horizon.”
“Last year, OPEC and Saudi Arabia were much more helpful,” with supplies, says Kevin. “And a small tropical storm forming near the Bahamas is enough to remind traders that we aren’t out of the woods yet.”
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