Stocks are soaring around the world this morning, and they’re bringing oil along for the ride. Oil hit a 10 month high in London this morning, trading at $74.71 a barrel, before flagging, and dropping down to $73.76 after hours, Bloomberg reports.
Again, it has nothing to do with demand. It’s just chasing the rally in equities.
The newswire also says Stephen Schork, the energy analyst, told his clients that once oil gets to $75, “there is not a hell of lot to prevent it from going to $80 or $85.”
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