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Crude Oil - The commodity with a PhD in International Relations
If copper is considered to have a PhD in economics (for its status as a global barometer of the state of economic activity), the recent gyrations in crude oil in response to global conflicts should give it the title “the commodity with a PhD in international relations.” While stocks and the Euro where engulfed in turmoil, crude oil has quietly crept up 37% from lows at $75 per barrel, to $102 per barrel, in roughly one and a half months. Various media sources have been baffled by this and have attempted to attribute it to "economic growth", or tight physical supplies of crude oil. While the latter is probably ... (full story)