Who knew Greek austerity would feel so darned good? Oil prices soared on the backs of a surging euro as the market seems to want to put Greece's problems behind them. The euro became cool again at the expense of the greenback sending gold, silver and oil higher.
Or maybe it was because the Justice Department was probing collusion among hedge funds betting against the euro. No, not really. The truth is that with funds having a record short position in the euro, the Greek plan gave them reason to cover, leading to one right after another. I wouldn't exactly say that this is an endorsement of the Greece plan but an endorsement of Greece having any plan at all.
Click here to read more about how Greece and alleged collusion are driving crude oil.
