The Felix View

Oil is back above $100. Getting it there is the problem.

Oil is back above $100 a barrel, and the pressure is greater further down the supply chain. The International Energy Agency reports that global oil inventories fell by 95 million barrels in August, taking the decline since February to 507 million. U.S. diesel averaged more than $6 a gallon on Friday. The problem is reaching consumers through transport and fuel costs. Attacks on Saudi Arabia's East-West pipeline on 10 September made an already strained system more vulnerable. The route carries crude to Yanbu on the Red Sea, bypassing the disrupted Strait of Hormuz. By Monday, regional officials told AP that …