Oil above $127 for the first time →
The money quote:
But so far, oil cartel Opec, of which Saudi Arabia is a key member, has refused to increase production, insisting that the price rises have been driven by speculators and not real demand problems.
That I agree with. Production has not slowed that much, and demand has not risen nearly as much as prices have indicated (meaning: no demand increase or supply decrease, so no change in equilibrium price…right?). In fact, most experts predict a reduction in demand this year. This is a speculators market that I hope will crash back to reality very soon. IT DOESN’T NEED TO BE LIKE THIS.
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