The sub-130 oil pullback was nice while it lasted.
Oil prices dropped under $129 just yesterday on indications that higher oil and gas prices cut into demand for the summer driving season.
But that was yesterday.
Today, oil prices are back above $130 as threats against Nigerian oil lines became more important than demand news. According to reports, The Movement for the Emancipation of the Niger Delta is threatening attacks on oil installations beginning tomorrow in commemoration of the one-year anniversary of President Umaru Yar’Adua’s inauguration.