oil price, page-2

darn you gs do you have to be right so often! This is an extract from Seeking Alpha of 5 Nov:

NYMEX crude oil began trading today (November 5) at almost $87 a barrel, the highest figure in over six months. The price has risen more than 5% in the last five sessions, rising in seven of the last 10 trading days. If we have a closing price in excess of $87 today, that will mark the first time in over two years.

Crude will face some resistance in the $86 to $88 range and then again at around $94. Once the market breaches these levels, it is well into triple-digit territory.

The current spike is largely a result of the dollars continuing decline against the euro, not changes in the supply/demand relationship in the market.