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Oil Up At Market Open Over $6

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Crude oil today has moved over $130 and up up up. Currently, CNBC pegs it up just over $6. Most of this gain is thanks to comments by Jean-Claude Trichet, president of the European Central Bank, on the high probablilitty that the european central bank would increase interest rates. Predictably, this sent the dollar down against the Euro.

Also, Morgan Stanley has put their money where their mouth is, saying oil will be at $150 by the 4th of July.

As long as there is still pressure downward on the dollar, don’t look for any change in the price of oil.


Written by walonline

June 6, 2008 at 8:48 am

Posted in Energy, Markets

Tagged with ,

One Response

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  1. […] first spiked last night after US markets closed. This morning I mentioned it was up over $6. For a time, it looked like it would stay there, but by the close of the US […]

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