Why I Won’t Pay A Penny Over $70 For Oil

For the third consecutive month, The International Energy Agency (IEA) released an upward revision of its forecast for world oil demand. It juiced up August’s estimate by 500,000 barrels a day, citing better-than-expected economic growth in developing Asian economies and North America.

So this rejuvenated demand for oil will have a barrel trading north of $90 in the weeks ahead, right? (The current market price for a barrel of oil is about $72.)

Not so fast. Two factors will likely … [visit site to read more]

This entry was posted on Wednesday, September 30th, 2009 at 5:00 pmand is filed under Investments. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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