Energy Risk Ed's letter - A bumpy ride for those exposed to oil
Crude oil has had another bumpy ride this year and so, therefore, has every corporation and sovereign nation that hasn't hedged its exposure to the commodity.
Brent crude – now the preferred global benchmark due to West Texas Intermediate's continued disconnect from global fundamentals due to delivery issues – opened the year at around the $95 per barrel (/bbl) mark. By April it had gained 33%, hitting $127/bbl, the highest price since its all-time highs of July 2008. Since April it has swung
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