THE WALL STREET JOURNAL: To $100: Crude’s Slippery Slope
As Oil Nears the Mark,
Its Stay There, if Any,
May Be Short-Lived
By GREGORY MEYER
February 19, 2008; Page C5
Oil prices appear to be one event away from again visiting triple-digit territory.
But even if oil futures recross the $100 mark breached in early January, many market watchers say prices won’t stay that high for long, arguing that oil’s rally from a recent settlement low of $87.14 a barrel on Feb. 6 to $95.50 on Friday was driven as much by technical factors as any new arithmetic of supply and demand.
In fact, last week, three of the main energy-forecasting bodies dropped their growth outlooks for oil consumption for 2008. The U.S. Energy Information Administration said world consumption will now grow by 1.4 million barrels a day, 200,000 barrels fewer than its previous forecast, “due to increased risks of a global economic slowdown.” That was followed by cuts in forecasts by the International Energy Agency and the Organization of Petroleum Exporting Countries. read more
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