Oil in a crude dilemma

Market Pulse: Apr. 18, 2011

June crude oil opened last week at $113.74, dropped $8.00 on Monday and Tuesday and closed the week at $110.22. Yesterday (Sunday), we saw China tell their banks to boost reserves for the fourth time in 2011 to curb inflation and the Saudi oil minister said that globally there is an oversupply of crude. Adding that to David Greely’s (Goldman Sachs analyst) statement this past Tuesday that there are adequate supplies of crude and oil should drop, today we see that crude is dropping. Could Middle East tensions be the only reason oil currently is so high?

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