The oil ministers of Opec heavyweights Saudi Arabia and Kuwait have pledged to maintain output after prices hit new peaks at the end of last week.
And in the bizarre world of oil markets this is my prediction for the Monday news:
“Oil prices went higher Monday on concern that Saudi and Kuwaiti pledges to increase supply reflected instabilitiy in the Middle East and a continued US dependence on Mideast oil.”
If I were a conspiracy theorist, I’d be wondernig if liberal billionaires weren’t purposely bidding up oil prices….maybe instead of looking into donations to CAIR, the conspiracy types need to be looking into commodity trading.
U.S. light, sweet crude oil futures (CLc1) hit a new high of $53.48 a barrel, up 17 cents.