While the world’s attention has been focused on Europe, the price of oil has risen more than 33% from its October low. West Texas Intermediate Crude is now trading above $100 per barrel. Much of the rally in West Texas crude is due to technical factors as Brent crude, which is more of a global benchmark is only up 14% from its October low. But oil’s resilience in the face of a euro-area economy that is either in recession or about to enter recession is impressive nonetheless. Imagine where oil could be trading in a more robust global economic environment. Scary wouldn’t you agree?