We’ve read lots of folks saying oil will average around $70 for the year. They’ve still got a chance to be right, but on a day like today, in a market like we’ve got, those people are probably starting to sweat a little. Or they’re adjusting their estimates.
Oil closed at $61.94 for the day, after sailing above $62 during the day on the news that U.S. crude supplies fell more than expected. They dying dollar isn’t helping either. As one analyst told Bloomberg, “We’re off to the races.”
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