What the Saudis Can Tell Us About Oil Prices
Kenneth Rapoza, Forbes
Whether or not a pipeline exploded in Saudi Arabia late Thursday is beside the point. Oil prices are on a hair trigger alert to news, most of it ferociously negative. In the aftermarket hours on Thursday, Brent crude prices jumped nearly $4 to over $128 a barrel. They haven't been that high since the summer of 2008 when bulge bracket banks like Goldman Sachs were forecasting oil at $200 by years end.
Whether or not a pipeline exploded in Saudi Arabia late Thursday is beside the point. Oil prices are on a hair trigger alert to news, most of it ferociously negative. In the aftermarket hours on Thursday, Brent crude prices jumped nearly $4 to over $128 a barrel. They haven't been that high since the summer of 2008 when bulge bracket banks like Goldman Sachs were forecasting oil at $200 by years end.
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