Oil sneaks higher
The price of a barrel of oil continues to sneak higher and no one seems to be noticing. Brent today is approaching $117/b and WTI is touching $98/b. Tapis in Malaysia is nearly up to $120/b while the Opec basket price moves above $112/b
Given the historic relationship between both WTI and Brent prices and the acquisition cost U.S. refineries are now paying above $100 per barrel again.
Where are all those voices from just a few months ago predicting that U.S. crude oil was on a one way trip to $50 per barrel?
For some thoughts on why the price is climbing consider what Mark Lewis, Managing Director of Commodities Research with Deutsche Bank told CNBC earlier this week. (Note: The Brent price on the opening screen was only $114/b)