A positive job report was released and this sent oil to almost $87 dollars a barrel. Trading today marked the highest that oil has reached in the last 17 months. Some analysts view the job report as a sign that the economy is recovering and that oil will continue to increase in price. This analysis may not be correct with oil already at a high cost realtive to other energy sources. Any economic rebound in the short term may not translate into much higher oil prices and the heating oil season is well behind us at this point.
To read a related Bloomberg article, please click here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aB1pIiRpyW7A&pos=4
Jim Sutliff