It looks to rise further. Some analysts estimate $100 per barrel. That outlook alone has got the short sellers scared, thus causing them to "buy back" their barrels at much higher prices, losing cash.

Some have wondered who would be buying crude at $70 per barrel. It's a world wide publicly traded commodity, just like OJ and gold. There's very little any world leader can do to affect the price. It would take a conglomerate of worldwide leaders to take action. Specifically, OPEC would need to increase production, thus helping to ease the price a bit.

I've seen this happen during my years as a commodities and stock trader. The shorts can push any commodity higher than it's value based on mere wims or scaredom.

I think the smart people at this point are actually buying oil at $70.

 

Why is this in the Prelude Forum?

The prices on oil will never go back down. China, India and Brazil are starting to really develop their economies and as a result, they're using more oil, and the price for a barrel rise.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by The_Head &raquo;</TD></TR><TR><TD CLASS="quote">Why is this in the Prelude Forum?</TD></TR></TABLE>

Well I sure as hell am glad to know. Now I will fill up tomorow before prices go up. Thanks for the info