Oil Sets New Record — Humming Along Teasingly Close to $80

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Was just reading over some recent analyst reports over the last week and in more than one the issue of the “lower price of fuel” was mentioned in the same sentence as third quarter forecasts and fourth quarter estimates.

Hmmmm.

You might want to think about those comments after the last three days in the futures markets.

We noted yesterday that the price of a barrel of crude had hit a new all–time high.

Today, after the government reported very weak energy inventory numbers, it has been off to the races for oil traders.

As of this posting, crude is now trading at a new high, at 78.90. Intraday, the price has already shot up beyond $79.

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