"Even before the recent political shocks in the Middle East, oil prices had increased above 90 dollars a barrel, driven not only by the fundamentals of a global economic recovery but also by non-fundamental factors:
- a wall of liquidity chasing assets and commodities in emerging markets amid near-zero policy rates and quantitative easing in advanced economies;
- momentum and herding behaviour (as in 2007-08);
- and limited and inelastic supply of new oil capacity"
in The Globe And Mail
Related: United States Oil Fund LP (ETF) (NYSE:USO), iPath S&P GSCI Crude Oil Total Return (NYSE:OIL), Energy Select Sector SPDR (ETF) (Public, NYSE:XLE), Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), Halliburton Company (NYSE:HAL), Schlumberger Limited. (NYSE:SLB), Repsol YPF, S.A. (ADR) (NYSE:REP)