Watch and wait

The $100 a barrel limit nearly held for five weeks. But the price of West Texas crude is up 18% since the beginning of April. As always in bull markets, optimists can find semi-good reasons to explain the latest increase. This time, it’s not a spike in demand, although the long-term story relies on a near endless willingness by developing countries to pay any price, no matter how high, for their oil. But for now, the high price and a slower US economy seem to be biting. Since the beginning of...