Forget about fundamentals, this is the oil market after all

As oil prices surged to a record of more than $80 (U.S.) a barrel yesterday, analysts were asking just one question.

Why?

After all, the summer driving season is over. OPEC just opened the spigot for another 500,000 barrels a day. And, most important, the global economy is facing a credit crunch that’s threatening to slow growth and cool energy demand.

These are hardly bullish fundamentals.

GlobeandMail