Crude oil has reached $118.50 per barrel today. This is the highest price in weeks. Perhaps the risk premium of geopolitical events is once again pushing the price of oil into the stratosphere! Could this be one of Putin's purposes for invading Georgia? One certainly wonders if it might be at least one of the fringe benefits, from his perspective!
Note the daily chart below is now back in bull market territory! Personally, I would be surprised if we see prices go back to record territory anytime soon, but anything can happen!
