Here's the concern. We're heading into the last quarter of the year, the winter peak demand season. Energy costs for consumers and industries certainly will be high.
There is certainly the possibility (of prices hitting 70 dollars). The recent events have attracted speculators and oil has become a lot like an investment.
There is certainly the possibility (of prices hitting USD70). The recent events have attracted speculators and oil has become a lot like an investment.
In the next few days, depending on how the geopolitical problems play out, it is possible the market would correct as players take profits, ... But for now, we certainly are in uncharted territory.
The tropical depression is certainly within the radar screens of traders, though it seems to be too early to tell whether it would develop into a storm, and its direction.