Like I said last week – its no mystery: speculators.
Then over the past 10 days, oil prices tumbled back, falling to $59.69 a barrel, to the lowest level in eight weeks, summoning memories of last year, when prices hit a record $147 on July 11 before falling back down. Renewed pessimism about the economy was one reason for the 10-day swoon, but the abrupt shift has been dizzying. And not entirely reassuring. Many regulators, oil analysts and oil executives say that the lurches in price this year — even more than last year’s — must be attributable primarily to one factor:
Speculators.
