Posted AT 6:00 AM EST on 22/08/08
Oil's bounce in price doesn't add up
Oil, the David Copperfield of financial market assets, pulled another impressive trick out of its hat yesterday. But it's getting harder to believe the illusion any more.
Crude surged $5.62 (U.S.) to $121.18 a barrel in New York yesterday, storming back after dipping below $112 earlier in the week. The rebound has certainly caught the attention of the oil-fuelled Canadian stock market, which is up 3.6 per cent over the past two days.
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