It was only two months ago that oil was setting new records around $120/barrel and Goldman sent shockwaves through the world when the bank predicted oil would reach at least $150.
Fast forward to today, and oil has passed $145. The overnight concerns are more saber-rattling from Iran, a larger than expected drop in U.S inventories, and expectations that the European Central Bank will raise interest rates (thereby further weakening the dollar).
On a positive note, the unthinkable may be about to occur: If oil doesn’t jump another $5 today, an oil analyst will have been too bullish. (“Morgan Stanley Says Oil to $150 By July 4th“)
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