And that something isn’t to shoot upward. In five days last week, the price of an OPEC barrel fell by $16 or 13 percent. That’s one hell of a jolt. It was the biggest one-week decline since December 2008. Yes, oil recovered $4 on Monday, but that doesn’t tell us what will happen next. The price rose in recent months largely on fears of inadequate supply because of the fighting in Libya. But that seems to have changed. Andrey Kryuchenkov of VTB Capital in London said, “Demand concerns are finally outweighing recent supply fears.”
