Crude oil gushing to the $90 milestone

The price of crude oil may have fallen back yesterday after breaking the $80 (
For investors, oil looks like a one-way bet, and as Citi pointed out in a research note yesterday, the computer-driven models used by hedge funds and traders have a huge influence on buying and selling: “And the models are all saying the momentum is up.”

Even the prospect of an economic slowdown in the US, whose thirst for oil has no equal, has failed to blunt the inexorable rise in the price of crude, up almost 30pc this year.

This week’s price rise was prompted by several

worries, from production concerns at refineries in Alaska, to fears of a hurricane in the Atlantic.

Every week there seems to be a reason why oil must rise, not fall.

Telegraph