This from Bloomberg:
WTI Trades Near One-Week Low as Stockpiles Rise to 82-Year HighBy Ben Sharples - May 1, 2013 5:46 PM PT
West Texas Intermediate crude traded near the lowest level in more than a week after government data showed U.S. stockpiles climbed to the highest in 82 years. ......
WTI for June delivery was at $90.87 a barrel, down 16 cents, in electronic trading on the New York Mercantile Exchange
at 10:15 a.m. Sydney time. The volume of all contracts traded was 60 percent below the 100-day average. Futures tumbled $2.43 to $91.03 yesterday, the biggest drop since April 15 and the lowest closing price since April 23.
Think about this for a moment.
Oil stockpiles are at an 82 year high.
And the price of a barrel of oil is $91.
And inflation is LOW..... Yeaaahh...
Now that is a strong dollar policy!