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After a sluggish start to the week, oil prices have once again gained momentum and moved to the upside in today's action. Prices so far today have risen by $1.31 a barrel to $81.61.
At the start of the week, the market dropped a bit after concerns over a storm in the Gulf of Mexico abated. At that time, analysts were coming out of the woodwork claiming that prices were due for a big drop, the argument being that the recent price increase was unwarranted and unsustainable.
I raised doubts on their views by stating there were a couple of factors that were out of anyone's control that would push prices higher if and when they took place. One of these uncontrollable, yet inevitable, factors the market would be forced to deal with was geo-political tensions that could erupt at any time without warning. This is happening now and is a big reason prices are moving back to the upside in today's market.
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