Most of you probably recall a couple of weeks ago Goldman Sachs signaled the end of the rise in the price of oil and the price of oil "magically" dropped.
For those who do not remember, here's a link that might help.
I don't remember the exact prices, but I think WTI was about $113 at the time and after the Goldman Sachs warning, WTI dropped back to about $108. I don't know if it got down to as low as $107.
That was around April 11 - 14.
It's hardly been ten days and futures tonight have WTI back to $112.92 up another 63 cents. As far as I can tell, nothing has changed between April 11 and April 24, except possibly S&P saying US could lose its AAA credit rating if it doesn't get its financial house in order.
I'm not an agile trader but agile traders could have done very nicely after Goldman Sachs made their announcement.
The administration has appointed a task force to look into oil price manipulation, fraud, etc. I wonder where they will start. Something tells me they won't start looking on Wall Street.
Meanwhile, Bank of America last week reiterated that WTI oil will likely go to $120, and possibly spike to $140 for a short period of time.
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