Quote:
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Originally Posted by Donger
What's my take on what?
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Oil Prices Passes $92 on OPEC Chatter
Wednesday November 14, 10:07 am ET
By Pablo Gorondi, Associated Press Writer
Oil Prices Jump As Investors Parse OPEC Chatter and Buy Back Into the Market After Declines
http://news.yahoo.com/s/ap/20071114/.../oil_prices_67
*quick blurb*
High oil prices were unlikely to fall significantly, International Energy Agency Executive Director Nobuo Tanaka said.
"In the medium-to-long term, our energetic forecast (sees) very high prices again, I don't say $100 but our function is that the current average level of $65 ... may continue. It will not go down to $20-30," Tanaka said in Rome on the sidelines of the World Energy Congress.
"The market is sending a very strong signal that we need more oil, we wish this will happen, but certainly the decision is for the producers," Tanaka added. "I'm not saying that $100 is right, but high energy price is a fact of life, and we have to live with that."
which contradicts
Oil Off More Than $3 on Demand Forecast
Tuesday November 13, 5:35 pm ET
By John Wilen, AP Business Writer
Crude Futures Fall to Near $91 After IEA Cuts Demand Forecast and Iran Hands Over Documents
http://biz.yahoo.com/ap/071113/oil_prices.html?.v=24
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*quick summary*
prices are hurting demand.
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if you ask me that shows theres a bubble b/c the only way prices can stay high is by trying to buy it up. so more buyers and sellers are cannibalizing each other