We’ve finally made it. Prices for West Texas Intermediate crude breached $100/barrel. The main reason is due to strong demand side action. The Fed finally pushed through QE3, the ECB got a vote of confidence from the German constitutional court; China unveiled a tepid (but politically significant) Rmb1tn infrastructure plan. All in all - a good week for oil bulls - that gained even more momentum from a string of tragic attacks on U.S. embassies in the Middle East. The question everyone is asking, will this lead to an SPR release from the Obama Administration or not? It’s a 50/50 call, but my guess is probably not quite yet.
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