Oil keeps edging higher. Brent reached 72 US$ earlier today. In other words: It has more than doubled from its low just a few months ago. Can't really offer any meaningful analysis, as I'm as mystified as everybody else. Only explanation I can think of is unusually high OPEC discipline (though recent press reports seem to indicate that more and more OPEC members are getting tempted).
Though I do think that a moderately higher oil price is good. If people have to pay more, at least they won't forget that oil is a scarce commodity. 5-10 years from now, we'll be thankful for every drop of oil that wasn't used today.
Did the Greek bailout money go to ‘liquor and women’?
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