As the situation for the Libyan rebels worsens, the U.S. economy seems to be improving as the latest job report shows a big jump in non-farm new jobs. Also, with more money in the economy due to quantitative easing, more money goes towards the commodities including oil. These three factors together have driven crude to levels the market had not seen since the beginning of autumn 2008. With continuing bloody unrest in Syria and Yemen on top of the Libyan crisis, the risk premium continues to put upward pressure on prices.
For the week, crude +$2.54, $107.94; Brent +$3.10, $118.69; RBOB +10.68¢, $3.1513; HO +8.08¢, $3.1355.
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