Tell me something new!!!! Drove by my Chevron station and unleaded regular was going for $4.25. Up $.12. I thought that the price of crude oil dropped yesterday by something like $5.00 per. No reason for a 12 cent spike. So, I did a little research on what is occurring and this is what I found:
Oil prices rebound from early losses -- settling above $131 a barrel -- as supply concerns trump a growing sense that record-high costs have cut demand for gas. Morgan Stanley said Brent oil from the North Sea could easily reach $150 per barrel. Oil had drifted to as low as $125.96 early in the session on the belief high oil / gasoline / diesel prices will reduce demand, globally. But that sentiment proved to be 'famous last words' after Morgan Stanley (NYSE: MS) co-head of global economics Richard Brenner said oil supply constraints remain a concern, juxtaposed against still-strong global demand, Bloomberg News reported Wednesday. That was more than enough to send traders into buy-mode in the current market, oil reversed and surged higher to close at $130.97, up $2.12 per barrel.
Oil prices rebound from early losses -- settling above $131 a barrel -- as supply concerns trump a growing sense that record-high costs have cut demand for gas. Morgan Stanley said Brent oil from the North Sea could easily reach $150 per barrel. Oil had drifted to as low as $125.96 early in the session on the belief high oil / gasoline / diesel prices will reduce demand, globally. But that sentiment proved to be 'famous last words' after Morgan Stanley (NYSE: MS) co-head of global economics Richard Brenner said oil supply constraints remain a concern, juxtaposed against still-strong global demand, Bloomberg News reported Wednesday. That was more than enough to send traders into buy-mode in the current market, oil reversed and surged higher to close at $130.97, up $2.12 per barrel.
No comments:
Post a Comment