Oil Hits $140 –

Oil moved past $140 today on comments by OPEC that it could go well above $150 before the end of the year.  This is different than the opinions of refinery executives who started buying their own shares.  Insider purchasing by refineries is a sign that oil will decline in costs.  Refineries make their money on a crack spread and need lower oil costs to be profitable.

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Jim Sutliff

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