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Funny, but I posted almost the exact same thesis in my own blog a few hours ago with a few more tidbits on why speculators can't be impacting the price:
May 21 19:53 pm
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All Comments by Gary Lucido »Oil Is Up Due to Fundamentals, Not Speculation [View article]
www.investingminds.com...
I completely agree with this author except I don't think speculation is having much of an impact at all. I guess people are just looking for someone to blame. I don't know how Harus can say demand is down.