Thursday, May 14, 2009

Yet Another I-Told-You-So

The headline says it all:

OIL FUTURES: Crude Ends Higher Despite Weak Demand Forecast

NEW YORK (Dow Jones)--Crude oil futures ended higher after a last-minute rally fueled by rising equities.

Futures had spent most of the day in negative territory, after the International Energy Agency cut its 2009 oil demand forecast and said there is little chance of a quick recovery.

Well of course oil prices are rising oblivious to demand forecasts. What the heck is supposed to happen when the FED is printing money hand over fist? You didn't actually think prices would fall, did you? Beware oil, that one. It'll be the end of us...

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