Friday, May 29, 2009

Oil Prices Hit Six Month High

Oil prices today rose above $66 a barrel, a six-month high and heading for their biggest monthly gain in more than 10 years.

Abdalla El-Badri, Opec’s secretary general, said prices could rise to $70-$75 a barrel by the end of the year. “The outlook is improving,” El-Badri said over, reports FT.

Given the amount of dollars Bernanke has printed El-Badri is likely being conservative. Oil will eventually be back over $100 a barrel.

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