?

No one really knows. A combination of optimistic economic data, several weeks of draws on inventory, narrowing of the Brent-WTI spread (this is largely from increased efficiency in moving WTI to the Gulf coast), and risk of supply disruption in the middle east are the biggest factors.

Ultimately, more buyers than sellers at in the low $90s, the Egypt situation helped push things higher in the near-term, after that I would guess momentum and speculation. There is still a lot of backwardation. I still feel WTI could break below $100 quickly. When it happens is tough to say.

its a secret.

Because there are more buyers and than sellers.

nm




[This message has been edited by WaltonLoads08 (edited 7/19/2013 2:12p).]

I think it's largely a global thing. Tremendous instability in historically high production regions and while our economy is in the suck we're crashing less than the other big players so the dollar is holding strength.

Growing population requires higher inventory levels. I assumed that was common sense but obviously not. But I am not seeing record levels of oil inventories worldwide this month. Please post where you got your info. In fact, I have been reading about record declines this month in US oil inventory levels which has been driving prices up.

Ken - a strong dollar tends to hold prices down while a weaker dollar tends to increase prices. So the price increase in oil is even more impressive when you consider that the dollar has been strengthening.

quote:

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Ken - a strong dollar tends to hold prices down while a weaker dollar tends to increase prices. So the price increase in oil is even more impressive when you consider that the dollar has been strengthening.

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Or is this one of those subtle but obvious in hindsight indicators that the dollar is still weak?