$60 Crude Means Unfiltered Barrel of Nonsense

Now that crude oil prices have averaged almost $50 — $48.46 to be exact — for the past year, $60 has become the new tipping point.

New highs in oil prices ushered in the same old nonsense. Analysts will tell you that oil consumption remains strong at $60 a barrel. They claim that prices can move higher still. And, without missing a beat, they predict those higher prices will further depress economic growth, meaning current prices have already done so.

So why is demand for oil still strong at $60 a barrel?

Stronger demand pushes up prices. Higher prices reduce demand. According to this analysis, we’re just slip-sliding along the same demand curve. Or are we?
Bloomberg