speculation?
A report came out that said the price of oil is going up because of speculation, not supply and demand. Alright, fair enough, but this happens all the time in commodities. Just that some speculation is smaller or larger at any given market trading day. But look at the oil situation for just a moment. Oil production is declining around the world. Oil inventories have dropped a bit too. But our gasoline inventories have risen. Is demand down or about the same? I'll let you answer that since I don't really know!
This I do know.... the need for oil is not going away just yet. And with production going down... well, you get the picture. I have read where one trader thinks oil is going down to $20 per barrel and I have read where another trader said get ready for a coreection in crude to about $50 per barrel and ready, set, go to $120 per barrel. Right now I go along with the latter scenario.
