Oil hit its highest level for the year on Friday with Brent crude rising above $60 a barrel, as euro zone economic growth exceeded expectations and market bulls priced in another drop in the U.S. oil rig count.
The rise in prices was also fueled by bets that cuts in energy firms' exploration budgets will help mop up some of the excess oil in the world market.
Algorithms of Morgan and Goldman Sach have found a way to make speculators up the price of oil, despite the world drowning in it. When there are no more places to store the stuff and oil pumpers have to cut back on production, oil company's stocks will plummet. Already I see that many oil companies' stocks are underperforming the daily advances in oil prices. Something stinks at Morgan and Goldman Sachs. Unwitting hedge fund managers are playing along, greedily chasing and being set-up for a huge disappointment when it become too clear and evident to everyone that supply will outpace demand for the foreseeable future.
Now I could breath easier. The prices are going up again, Now the Execs can get their profits in billions and billions of dollars and pay for all those luxuries. What a relief. For a second there, they were going to suffer and just earn almost the same amount as many of us.Now we did not want them to suffer, do we.
So figure this out. Oil is running out our ears, yet the price is going up. Has nothing to do with Europe. speculators most likely. Why we can't end such fluctuations is baffling