Bully, Bully

摘要

No price rises in a straight line, and oil is no exception. However, while the bulls, who currently control the market, did occasionally stop to catch their collective breath, they then resumed their stampede toward higher pastures in true herd fashion. The front-month Nymex light, sweet crude oil contract eventually broke above 70 to reach a new 2009 high of 73.23 on Jun.11 - twice its price in January. A cautiously upbeat mood about the global economy among the general public would appear to have grown into a near-untrammeled optimism during the past month. "The worst is over and the recession didn't turn into a depression after all," seems to be the current mantra chorused by much of the general press. Riding on the coattails of rising equity markets and stimulated by a weakening US dollar, oil prices have followed the siren call.