Tags: Oil, Oil prices.

Oil hit $119.90 the other day, a new record and many are expecting it to go higher. The sharp rise in oil prices is strange considering global growth has slowed, especially in the US. Slower growth usually means slower demand, which means lower prices. The article argues that the falling dollar is responsible for the run-up as traders put their money into oil as a safe-haven from the falling currency. Whatever the case, it appears clear that oil prices are not responding to supply and demand, but rather to trading.

 

Submitted: Apr 22, 2008    Views: 141    Comments: 0    Likes: 1   


View Article: http://www.businessweek.com/bwdaily/dnflash/content/apr2008/db20080...


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