Oil commodity prices soar to record $96 before pulling back to $95.70
After shattering records yesterday by moving ahead of $94 a barrel, crude oil is now above $96, thanks to after hours trading. Oil commodity prices seem to be careening out of control, but commodity futures trading and spread betting alike should ask whether such a rally is sustainable. MarketWatch reports on the crude oil rally:
"It's basically supply and demand that's pushing up oil," said Greg Gibbs, ABN Amro's director of foreign exchange strategy in Sydney. "Demand is still strong and supply has been somewhat constrained, especially outside of OPEC."
