What a difference a year makes. Environmental Capital points out tomorrow marks a one year anniversary for the record close of $145 barrels of oil.
Today, we’re far from that number, thankfully. If oil was anywhere near $145, we’re not sure what would be happening to the economy, but we know it wouldn’t be pretty.
Ugly jobs data, a stong dollar, a weak stock market, and a build in inventories, are all socking the price of oil, knocking $2 off the price today. It’s around $67.
For the past month the price of oil has been in a holding pattern, floating around $70, give or take a few dollars, as investors try to figure out what’s up the economy. Demand remains weak for oil, and it’s expected to stay that way. So, we might be lucky enough to celebrate this anniversary again next year.
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