Crude oil above $100

The reason is called “Peak Oil”

Globe and Mail,

15 November, 2011

Based on the price of oil, you wouldn't know that the global economy is being threatened by the European debt crisis, a slowdown in China and rising odds that the United States is slipping into recession. 

West Texas Intermediate crude oil surged above $100 (U.S.) a barrel on Wednesday morning, crossing the triple-digit threshold for the first time since July. Later in the day, the December contract for U.S. crude, which expires on Friday, settled at $102.59, up $3.22, after jumping to a session high $102.89, the loftiest intraday price since June 1

The gain means that oil has completely recovered from the steep slide endured during the summer and early autumn, when investors grew alarmed over the potential for Europe's sovereign-debt crisis to spill beyond Greece and affect a big part of the global economy. Those fears certainly haven't subsided since then -- and indeed, rising bond yields in Italy and France suggest that they have intensified.

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