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Oil continues to grind higher, with Brent crude (BNO +2.3%) leading the way after the failure of...

Oil continues to grind higher, with Brent crude (BNO +2.3%) leading the way after the failure of labor talks has led to the possible shutdown of all of Norway's oil production. (earlier)
Comments (1)
  • tonyeg
    , contributor
    Comments (158) | Send Message
     
    The world is awash in oil. Once the data (inventory), facts (world economy slowing) and geopolitics put more supply in the market, it will continue to go down (WTI below $70). Iran will no longer be able to help the speculators. When the price goes below $70 then Saudi Arabia and Iran will have to pump more oil to maintain their respective governments. This will keep the price below $70 a barrel for a very long time. The speculators will learn there is no support for $100 a barrel in their future.
    9 Jul 2012, 02:47 PM Reply Like
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