The global oil prices will be touching $130 a barrel pretty soon. Ouch! That hurts but *yawn* are you sure it’s not just another prediction or myth? I know Malaysian Prime Minister Abdullah Badawi doesn’t like what I’ve written. Petronas could hardly laugh because in spite of the new crude oil’s record that topped $112.21 a barrel the first time in the futures market Wednesday, the company knew it needs to subsidize the same amount that it’s profiting. Badawi’s balls are within your grip since he couldn’t raise the fuel price after the recent 12th general election no matter how desperate he wishes to, thanks to your votes. Anyway I’ll leave that discussion for another day.
I’ve written reasons why oil prices might spikes to $90 and beyond back in Sept 2007 and also why I was over-generous to think that the black-gold could actually touch the $130 barrel about a month ago. Hey, if Crazy Jim predicted even higher oil prices than that, I can’t be any crazy. The same old reasons such as the summer driving season, weak dollar and the OPEC who are still fooling around chasing its own tail contributed to the high price. But the vital report from EIA (Energy Information Administration) which said crude oil supplies fell by a surprising 3.2 million barrels last week against expectation of an increase of 2.4 million barrels added the fuel to the flame.
Analysts believes crude imports fell in part because fog closed several shipping channels in Texas and Louisiana that serve as vital oil import conduits last week. However I believe the oil prices could just escalate as long as the U.S. economy is cracking and Uncle Ben needs to cut the interest rate. Furthermore elsewhere it is cheaper to buy oil now due to weaker dollar. With current $112 a barrel it’s only another $18 to go before the oil prices reach the $130 a barrel. Do you think it’s achievable?
Other Articles That May Interest You …
- Oil prices going for the $130 jackpot, are you ready?
- Reasons Why Oil Price might spikes to $90 and beyond
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April 10th, 2008 by financetwitter
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Hi Sir,
I am quite interesting and keen to learn / know how you make the return by trading option.
how you know a certain of stock will up? all just purely base on TA?
Thanks for sharing.