Concluding Thoughts
Today, crude oil markets have rebounded with a vengeance. Brent crude has already surpassed $122 per barrel and WTI is holding firm in the lower $108 range. Emerging market economic growth is behind much of the increase in price as Chinese demand for commodities such as gasoline and crude continue to climb.
At this juncture, it doesn't appear that Organization of Petroleum Exporting Countries (OPEC) countries will increase production, given that crude oil inventories are still relatively high and above the five-year average levels. Certainly, $110 per barrel crude has already been breached by many Asian crudes. Brent crude is near $122 per barrel and WTI is already having its day in the spotlight. Given the wide disparity ...
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