The next month or two figure to be an extremely bumpy period for the oil market. Predicting what the price of crude will do any given day will be even harder than usual. The only thing you can count on is plenty of volatility. Traders are digesting worries about real or potential shutdowns of oil production on four continents, even as the global economy shows signs of slowing, which could dent oil demand. But when the dust clears, we suspect the price of a barrel of oil this summer won’t be radically different from today’s level.
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