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cantthinkofanything
06-29-2012, 02:19 PM
So the European debt crisis is "contained" and oil rises over $7 / bbl. Seems rational.
CosmicCowboy
06-29-2012, 02:30 PM
Traders covering shorts on the last day of the quarter.
cantthinkofanything
06-29-2012, 02:38 PM
Traders covering shorts on the last day of the quarter.

Maybe exacerbated it a little but it doesn't explain +$7 imo. I guess we'll see next week.
CosmicCowboy
06-29-2012, 02:52 PM
Maybe exacerbated it a little but it doesn't explain +$7 imo. I guess we'll see next week.

Euro up 2% against the dollar(dollar down) did the rest. When the dollar goes down it takes more dollars to buy oil.
cantthinkofanything
06-29-2012, 03:08 PM
Euro up 2% against the dollar(dollar down) did the rest. When the dollar goes down it takes more dollars to buy oil.

I don't think that relationship is driving the boat right now. The dollar fell pretty sharply vs Euro late last month - early June while oil continued to fall.
CosmicCowboy
06-29-2012, 03:10 PM
OK, you win. It's the greedy oil companies.

The Bastards!
cantthinkofanything
06-29-2012, 03:23 PM
OK, you win. It's the greedy oil companies.

The Bastards!

LOL. What???? I'm not against the oil companies.