Oil heads toward $60 on economic recovery talk


By all rights, the price of oil should be declining right now. Oil inventories are above three-year levels. Land-based storage tanks are getting so full that oil producers are storing oil on tankers at sea.

And yet, the price of oil is rising, hitting $58.57 per barrel, up $2.02 Thursday, its highest level since November 2008. What gives?

Originally published