Oil Prices Soar As Market Shrugs Off Recession Fears

The price of crude oil skyrocketed on Friday as the market generally ignored the crude oil demand implications from worries about the technical recession. At 11:40 p.m., ET, WTI crude was trading near $100 at $99.94 per barrel, an increase of $3.52 (+3.65%) on the day. Brent crude was trading above $110 per barrel at $110.20, up $3.06 (+2.86%) on the day. The market cannot seem to brush off the tight supply situation that currently exists. Another bullish factor for crude oil on Friday was the Energy Information Administration’s publication…