Crude is over $68 today, an impressive 3% move from Friday.
Why? Pundits would like to make us think that it means the economy is on the road to recovery and that’s why investors are buying up oil.
A different reason would be the collapsing dollar, which reached a low for 2009 (when dollars are worth less, you need more of them to buy a barrel). To be sure, some folks continue to think the economy will bounce right back, driving up demand. The head of the IEA, for example, said that demand could recover by the end of the year.
If oil creeps much higher, it will eventually come back to haunt drivers and consumers, which will retard our economic recovery. Good thing consumers have been saving up lately.
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