Morgan Stanley’s oil target is now officially bigger than yours: $150 by July 4th. And this has helped drive oil up over $6 to more than $134. Needless to say, stocks are getting clobbered (With the exception of ExxonMobil (XOM), which is off only slightly).
Just another natural progression of tight supply and increasing demand? Or more “speculation”? Our answer is a combination of both: a short-term spike riding on top of a long-term upward trend.
Clusterstock on the Great Oil Debate: