Some people are just TRADING IN HIGH VOLUMES IN OIL, OIL AND ONLY OIL .....making a killing in the process.
It may not last long.
Check this from reuters.com :
"LONDON (Reuters) - Oil rose to a record near $112 on Monday as a surprise weekend cut in the Federal Reserve discount rate and the sale of stricken U.S. investment bank Bear Stearns ( sent the dollar to all-time lows.
U.S. crude for April hit a fresh high of $111.80 a barrel. It was trading $1.15 up at $111.36 a barrel by 5:15 a.m. EDT.
May London Brent crude was $1.28 higher at $107.48.
"The recent oil prices have been swayed by the currency moves, including this latest rally to a record," said Tony Nunan, risk management executive at Tokyo-based Mitsubishi. "The dollar weakness is the factor at the moment."
The dollar plunged across the board on Monday as the spiraling U.S. financial crisis led to JPMorgan Chase acquiring Bear Stearns, stirring fears that more financial firms may become casualties."
High volume traders have bought into oil at large quantities at $60 / barrel and selling them now....making a profit of around 90 - 100 % in 8 months !
Now, since I'm just a poor analyst blogger and a consumer , I'm not amused.
But you may be.....'cuz you have
DOUBLED YOUR MONEY IN 8 MONTHS !
