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MMC, and Bonzai
You do realize that oil prices are more impacted by future events rather than current ones no? For instance, terrorists bomb a Saudi oil platform. That oil would take months to get to market after shipping and refining, but oil prices spike now for oil sitting in the gas station you just pulled up to. The attack on an Armaco platform has no impact upon the actual cost of existing oil. But it does affect prices now. Bonzai is right that the US and other nations are sitting on large inventories. But the Iranian situation doesn't look like it will be getting resolved any time soon and the increasing demand from India and China is driving future prices up. Seems to me that those affect prices well more then anything right now.
Yeah, I think that's why I had up the piece with CNN and how Policy affects such.