Oil market remains extremely bullish

[Say_What]

<clips>

Oil prices continued Wednesday their record breaking surge in spite of the United States government reporting the highest commercial inventories in eight months.

A barrel of benchmark Brent crude oil touched 54,06 US dollars in London, (1,96% increase), while in New York the US light crude reached 55,45 US dollars the barrel, (1,57% rise).

Extreme temperatures in the northern hemisphere, the US dollar weakness, solid demand from Far Eastern markets and the coming OPEC meeting in Iran, played a role in the latest sprint with investors switching out of the currency market and into commodities.

A falling greenback also prompted several consumer nations and funds with strong currencies to increase their oil holdings, denominated in dollars, and compete for limited supplies.

http://www.falkland-malvinas.com/Detalle.asp?NUM=5233

[rodeodance]

1. and we are doing very little at the Nat. level ot ensure renewables!!

[djack23]

2. My assessment

Expect prices to fluctuate between the upper 40's to the mid 50's for a while. If there is an oil related event (more terrorism in Suai Arabia etc.) the prices could hit 60. The days of $40 will probably not return anytime soon. Expect a gernal lowering of living standards in this country as the dollar continues to slide and oil prices rise.

David