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The Self-Defeating Oil Surge
Posted on May 25, 2008
After a brief spell of (unwarranted) upward bounce, last week saw the market erase most of its gains and swing back down to 12,600 levels. Though this is still significantly above the low touched on March 10, during the Fed-JPMorgan (JPM)-Bear Stearns (BSC) drama.Oil continued it's nonchalant upward climb, touching as high as USD 133/barrel. It's difficult not to say that OPEC and the other supply side players are stretching their luck. Though there is no refuting the fact that industrial/consumer growth results in increased demand for several gas-guzzling 'instruments' across both the develop...
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