Oil prices rising a week after SPR release

[Casino67]

CNN.com:




NEW YORK (CNNMoney) -- Oil prices have surged in the last few days and are now less than a dollar from where they were when President Obama made the controversial decision to tap the nation's strategic reserve last Thursday.

On Thursday, West Texas Intermediate crude edged lower to $94.27 a barrel. But that's still nearly $5 higher than last week, when prices fell over 4% following the oil release announcement.

Oil's stubborn refusal to trend lower since the United States and other industrialized nations announced they would flood the oil market with 60 million barrels of fuel over the next 30 days is raising questions over what's driving the market -- fundamentals or pure speculation?

Falling dollar: The more conventional theory is that oil's rise is related to the fundamentals -- or, at least, the falling dollar.
The dollar has fallen relative to the euro in the last two days as Greece looks less likely to default on its debt.

[Pepper]

Wow, that is unexpected.

 

I was sure hoping that Barack's decision to release two days of SPR oil would help me get a job.

 

Guess I will have to sell my jets.

[Casino67]

Wow, that is unexpected.

 

I was sure hoping that Barack's decision to release two days of SPR oil would help me get a job.

 

Guess I will have to sell my jets.

 

Pity.