Reuters Misses the Point

From Reuters:

“SINGAPORE, June 20 (Reuters) – Oil prices soared to a new record high over $59 a barrel on Monday, extending last week’s surge as a threat against Western consulates in OPEC member Nigeria jolted traders already worried about tight supplies. Oil prices climbed more than 9 percent, or nearly $5, last week, drawing additional buying interest from trend-following hedge funds as they surpassed the previous early April high.”

Trend followers are not pushing the market to $60. They are following a trend.