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Wil Oil Ever Retreat?

Posted on April 23, 2008

OIL ANALYSISJust when oil price showed some signs of retreat, US crude oil inventory dropped more than expected, spurring oil price up once again, challenging the $120 per barrel mark. What would cause oil price to drop? When the US dollar starts appreciating and if demand for oil drops significantly like it did back in the original oil shock of the 70s. We don't have either right now. How about supply side? How about an OPEC production boost? Certainly that would help bring down oil price as well? 2 things here; 1. If you are OPEC ministers making huge bucks while drilling the same amount dai...

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crude , drilling , oil , oil price , overbought , oversold , short term , supply side