It's Back!! Oil Nears $70 a Barrel
June 03rd, 2009
The huge inventories of crude reported earlier in the year had steadily pushed the price of crude down over several months to near all-time lows.
While signs have pointed that the global demand for energy has rebounded substantially, there is little confidence the trend will continue or that a full rebound is likely right now.
Most analysts feel the recent increase in oil value is inflated and will likely flatten and decrease in the near future. High energy prices could end up severely slowing an economic recovery. It's doubtful oil will rise above $70 now.
