Oil Prices

Oil Above $70 a Barrel, Despite High-Level Inventories

Oil recently hit a new high year record of closing just over $70 a barrel Monday afternoon although recent inventory levels suggest that the U.S. oil reserves are at a 8 year high. As investment flows into oil continue to apply pressure on the supply and demand aspect of oil the price keeps increasing because of present factors for an oil bull market.

The pure speculation of current economic and global issues seems to also be applying pressure to the price of oil. With the possibility of the Iran nuke crises in the future outlook and one of the most intense hurricane seasons looking quite possible the price of oil may just starting its steep incline. At $70 a barrel, if it’s sustained, will continue to drag consumer spending, which is already coping with the FED’s steady increasing of higher interest rates and a cooling housing