THURSDAY NOVEMBER 01
Oil’s Wild Ride

With oil topping of $96 a barrel, closing the gap to the much-crowed-about $100 mark, very few traders – even bearish ones – feel safe about betting against the market. This sentiment was further helped by U.S. oil inventories falling to a two-year low. “The bottom line is, everyone is just too afraid to sell,” says one New York hedge fund trader. “$100 a barrel: it’s become like the pull of gravity – everyone is headed there.” What people are saying now, in light of the fact that there seems to be no end to the Middle East’s strife, equatorial storms and oil-inventory fluctuations.

November 2007

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