Despite President Bush's visit to Saudi Arabia over the past few days attempt to persuade the Saudi's to increase the supply of crude oil to world markets, and despite the Saudi's decision to increase production by 300,000 barrels a day, crude oil prices have move still higher overnight. Crude oil is currently trading around $127.70 per barrel, barely off last Friday's fresh highs of $127.87. Since the front month contract expires tomorrow, we likely will see prices back off slightly for a day or two.Monday, May 19, 2008
Crude Realities
Despite President Bush's visit to Saudi Arabia over the past few days attempt to persuade the Saudi's to increase the supply of crude oil to world markets, and despite the Saudi's decision to increase production by 300,000 barrels a day, crude oil prices have move still higher overnight. Crude oil is currently trading around $127.70 per barrel, barely off last Friday's fresh highs of $127.87. Since the front month contract expires tomorrow, we likely will see prices back off slightly for a day or two.
