Question Details
Oil Price, what next?
Predictions
Background
Brent crude oil for May settlement slipped 15 cents to end the session at $115.55 a barrel on the London-based ICE Futures Europe exchange.
Prices have advanced 16 percent this year as unrest spread from Tunisia to Egypt, Yemen, Bahrain and Syria. The U.S. government said that crude supplies increased as gasoline stockpiles fell to the lowest level this year.
“Prices are moving up because of the fear premium,” said Todd Horwitz, chief strategist at Adam Mesh Trading Group in New York. “Oil inventories continue to build, but nobody cares because they are afraid about what’s taking place in the Middle East. The fundamentals don’t matter right now.”
http://www.bloomberg.com/news/2011-03-23/crude-oil-trades-near-two-week-high-as-alliance-prepares-attacks-in-libya.html
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