Our Awful Situation
Oil’s Record Jump Defies Single Explanation
When the lid is finally blown off this thing its going to make Enron look like a local dime store robbery:
Oil’s record jump to $139 a barrel at the end of last week defies any single explanation, although some leading analysts and producers predict the price could yet go higher.
Crude jumped $10.75 on Friday to $139.12, taking two-day gains to more than $16.
Some put the move down to comments by an Israeli minister about a possible attack on Iran, the world’s fourth-largest producer.
Others cited strong oil market fundamentals.
“There is a strong fundamental baseline to all of this,” said Kevin Norrish, oil analyst at Barclays Capital. “On top of that, Iran has come back onto people’s radar screens.”
Related: oil falls after record jump
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