Macroeconomics

The last two weeks produced a great deal of mixed financial data and everybody was left to interpret it in their own way. This resulted in quite a few puzzling developments.

What we find particularly interesting is the continuing rise in oil prices. We have now touched $66 per barrel and, with the firm market at present, we would not be surprised if prices continue to rise further. We cannot believe that this substantial increase in oil prices is based simply on supply and demand, and one has to at least consider that a decent amount of speculation is also part of the game.

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