Oil prices climbed to almost $106 a barrel, as inventory surprisingly fell by 1.3 million barrels, after seven straight increases.
Most of that was in response to U.S. supplies being lower than expected.
Other problems affecting the price were the recent decision by OPEC to not increase production, as well as the continuing tensions between Columbia and Venezuela.
Oil inventory as of the early part of 2009 has dramatically changed, as the contango, or rather - super contango conditions has resulted in oil futures buyers starting to store there oil as oil futures prices stretch out more predictably, and the perfect arbitrage opportunity exists for those looking for something that is not only safe to invest in for 2009, but will also make them some money.
The super contango for oil is one of the few guaranteed commodity futures winners for 2009, and one of the few overall investment winners overall.
Commodity investing in certain sectors will be the best investment over the next several years, and those investing in strategic commodity sectors will do very well.
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