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Financial Times/Derek Brower/3-7-2022
“Trading around $116 a barrel on Monday, US prices are still off that peak while the Brent international benchmark hit a high of $139 before sliding back to $120. But echoes of 2008 — from war to the western officials’ pleas in Riyadh — are growing hard to ignore.”
USAGOLD note: Deep background on the oil market from FT’s Derek Brower. We assign the greatest importance on oil amongst the commodities because it affects the price of just about everything else. One analyst quoted says it could reach $200 per barrel. Another says that the investment business continues to underestimate what the world can tolerate with respect to the price of oil. “Brace yourself,” he says. “The market thinks you can probably take more price pain.”
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