After striking a new all-time record high price of $143.67 in overnight trading, crude oil has sold off nearly $3/barrel. This is welcome relief for motorists, also $140 hardly seems like much relief at all.For months, pundits have been predicting a collapse in crude oil prices as prices create demand decay (some call it demand destruction). However, geopolitical events continue to provide ever-higher support for energies.
Even this small relief has given the stock index futures reason -- along with technical support at the 20% sell-off level -- to lead a relief rally today. Relief indeed!
