Setting the Speed Limit for Oil
Source: The Wall Street Journal, Liam Denning (9/7/11)
"The question for energy bulls is whether $90 is now as good as it gets."
Is 90 the new 150?
West Texas Intermediate oil has been struggling to reach $90 a barrel since the start of August. Looking back over the past year, the period from February to July, when WTI held above that level, seems like an anomaly born of Libyan instability. Today, at $89, oil is back where it was pre-conflict.
The question for bulls, fantasizing perhaps a return to WTI's peak near $150 in mid-2008, is whether $90 is now as good as it gets. . .View full article