Five Reasons: Why Oil Isn’t Coming Down…Yet
The myriad reasons for more buying in oil has boosted price of the benchmark crude contract again — lately traded at $113.50 a barrel on Nymex. Should it hold above $111.76, it would establish a new closing record for the contract — the ninth such occurrence since the beginning of March.
Analysts increasingly believe that instead of nervously waiting on lower oil prices, people might have to get used to these lofty values for the price of oil and other energy products. MarketBeat takes a look at the primary drivers behind this:...Continues