After a sharp dip from the June high last week, Oil Prices continue to steadily rebound. Light crude closed at $67.16 a barrel yesterday, and despite an over abundance of gasoline and low pump prices, the price per barrel has risen $0.22 today.
Despite poor gasoline demand, gasoline futures have been in high demand. Fueled by a few major corporations positive earnings reports, June's housing market rebound and the Dow breaking 9000 for the first time since January, some are bullish on the hopes that general consumer demand will soon be on the rise.
Are the fundamentals of the market getting stronger, or are investors acting out of emotion? With an economy that's still struggling and the focus on renewable energy policy, it's hard not to write the rise off to mob mentality, but time will tell.