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Odds Favor Short-Term Slip in Crude Prices

Posted on May 15, 2008

Years ago when oil was $30 per barrel, we were laughed at when we suggested that it could trade over $100. Now it seems we were being a bit conservative.That said, based on statistical tools we use to measure probabilities, we believe oil is currently overbought and due for a short-term correction of $20 to $35 before resuming a longer-term price climb that could well reach $200 per barrel. ...

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crude , overbought