Thursday, December 23, 2010

$91 Oil

Solidly above $91 today.

After a huge run-up this year, it's up almost another dollar today.

Update: it's now up $1.08.

While traveling, I don't have access to CNBC. I assume the talking heads say fundamentals don't support $90 oil and that it's speculators running up the price.

Yup, one billion speculators in China who all want to own cars and guys like Icahn who have just doubled their position in oil and gas.