The price of WTI oil falls about 3 percent.
Today, Bank of America says the price of Brent oil could hit $160, albeit briefly.
"With oil demand expanding rapidly and Libya production down by at least 1 million barrels per day, we forecast (the) Brent crude oil price to average 122 dollars a barrel in the second quarter, and believe prices could briefly break through 140 dollars in the next 3 months," she said.Oil is back up a bit today.
As an investor, I'm not agile enough to get into and out of the market, but with regard to oil, the moment-by-moment change in oil prices don't mean a whole lot. This is what matters:
- a) Hedges, collars, and contracts that producers make
- b) Actual production (which can be adversely affected by sandstorms, blizzards, conflicts, and politics)
- c) Overall trend (affected by trends in inflation, strength of dollar, growth of global economy)
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