Even OPEC Thinks Oil Prices Are Too High

Yesterday, West Texas Intermediate touched $95 per barrel for the first time in years, and Brent briefly traded above $96 per barrel. Expectations about Brent hitting $100 per barrel are now more about ‘when” rather than “if”. Even OPEC is worried about it. Unfortunately, it seems there is little it can do as a group to prevent this from happening. “For me, being professional, I can see it happening, but I don’t want it to happen,” said Egypt’s Tarek el Molla about oil reaching $100 per barrel. “It…