Crude Oil = $99

Monday, November 26, 2007 | 11:14 AM

The inexorable climb higher:  Intra-day Crude prices crossed the $99 level, with expectations rising for more Fed cuts . . .

January Futures, 6 month chart

courtesy of

Monday, November 26, 2007 | 11:14 AM | Permalink | Comments (11) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



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Hopefully this precludes more rate cuts in the near term. Even OPEC is saying this is just speculators driving oil prices up, not legitimate supply/demand issues (in the short-term anyhow). So I think it's legit to call that inflation, but the credit-driven kind which usually reverses dramtically in the end.

Look at that graph and see if you can tell when the Fed opened the discount window.

Oil prices were actually falling before it became apparent that the Fed was going to make easy leverage more readily available to the hedge fund industry.

Posted by: super-anon | Nov 26, 2007 12:14:59 PM

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