Image by Yuan2003
From the FT:
In energy markets, Nymex May West Texas Intermediate rose $1.64 to $51.02 a barrel while ICE May Brent added $1.36 at $52.95 a barrel.
Copper pushed above the $4,500 mark, rising 2.8 per cent to $4,505 a tonne, helped by a fall of 7,425 tonnes in London Metal Exchange stocks which have dropped below the 500,000 tonne level.
Expect this to continue, you can’t pump all this money into the world economy without it going somewhere, and specifically, as speculators are bailed out, they don’t really have a lot of places to put their money except oil. The “buy up trash and game Geithner’s plan” play isn’t available to everyone, after all.
$52.95 is not cheap oil, especially in a down economy like this one.