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June 3, 2008

Did Senate Call Oil Market Top?

Crude oil prices are off 2.7% percent today, touching $124.30. There has been a more or less straight line crude oil decline for two weeks now, dating back to May 21st, with prices down 7.5% in the period.

Hmm, May 21st. Now what could have been special about that day? I wonder, I wonder. Oh, now I remember: That was the day the Senate Judiciary committee hauled in some oil executives so they could do a little election-year posturing.

Nothing like the Senate "tell" for marking a market top.

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