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Talk of $150 oil is "scare-mongering," Commerzbank says

  • $150 oil? That's "scare-mongering," Commerzbank commodity strategists say; black-swan risks appear no more likely than they did a week or a month ago, and the present situation does not warrant such a price.
  • If the west launches a limited military strike vs. Syria, oil prices likely would fall as quickly as they rose, and optimism among speculators is now at its highest level, the firm says; looking at recent history, the toppling of Libya's Gaddafi in 2011 resulted in Brent prices falling quickly from $115 to $100/bbl.
  • Worth noting: There’s still no certainty of military action against Syria, much less a broadening of the conflict, and a U.K. resolution authorizing force just went down in flames.
  • ETFs: USO, UCO, OIL, BNO, DBO, OLO, USL, CRUD, DTO, SCO, SZO, DNO, UOIL, DOIL, UWTI, DWTI.
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Comments (1)
  • SoldHigh
    , contributor
    Comments (1013) | Send Message
     
    Spot on. Oil $150 on the usual Middle East nonsense is absurd - those crowing over such have lost credibility.
    29 Aug 2013, 11:06 PM Reply Like
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