Are The Saudis Sleeping In?

Spot price closed at $104.05 going into the long weekend.

Original Post
Spot Price of WTI-NYMEX Up $1.07; Over $103/Bbl

Wasn't it just a week ago that the Saudi prince reassured us his country would not let oil go over $100.

As I've posted many times, Saudi has the capability to increase the price of oil but it no longer has the same degree of clout it once had in lowering the price of oil.

And why would they, really?

Saudi's ability to flood the market with oil -- especially the "right" kind of oil -- is a myth.