It doesn’t take much to set the oil market running skyward these days. A bit of anxiety here, talk of trouble there, and–wham! Crude’s takes flight.
Anyone who’s surprised by the trigger-finger mentality that defines oil trading of late hasn’t been paying attention. It may be easier to sleep by turning a blind eye to unfolding events in far-off locales, but for those who crack a newspaper or Google the world of oil news it’s deja vu all over again.
Indeed, there’s little wonder why a barrel of crude has shot up to nearly $67 in early New York trading this morning–that’s up by around 4.5% since Monday’s close, and the highest in around three months.
THE FLY IN MR. MARKET’S OINTMENT…
Oil prices, Feb ’06 contract
Source: NYMEX