As though taking a sip from a well-aged bottle of champagne, oil prices have begun merrily bubbling upwards, bolstered by a timid dollar and buoyed by the International Energy Agency (IEA) decking the halls with a sparkly new demand upgrade. As the golden white star at the top of the oil market Christmas tree provides warmth and light guiding the way to profits, investors are feeling the holiday cheer early this year.
The dollar, once the daunting Grinch intent on stealing the oil industry’s Yuletide joy, seems to have found a change of heart, showing a softer side which has seemed to breathe fresh life, or perhaps light, back into the oil market. Its retreat has thrown the doors wide open for oil prices to dance merrily upwards in a festive jig that’s left investors ho-ho-hoping for more.
