Oil – Spoiler?

  • A new Barrons’ article says that oil must be peaking between the current range of $130-$140 range, while WSJ says Oil will be the next bubble to pop.
  • In Jeddah, Saudi king has pledged that his country will produce more oil.
  • But on Nymex oil rises again as Saudi pledge fails to ease global supply concerns.
  • US Congress says that they want to plug loopholes that allows unbridled ‘speculation.’
  • And George Soros says costly oil could mean recession and blames speculation in oil for higher prices.
  • While India says speculative premium on oil is at $60 (Whoa! What about Indian taxes on petrol & diesel which is at 40% ?) a barrel … its Finance Minister wants price band to cool prices (great! a typical Indian mentality).
  • Well, can’t believe India has such high taxes? Reuters has some facts here.
  • Predicting bullish targets for Oil is fashion these days! Caltex sees $200 oil while some people can’t hold their excitement to predict $400 oil
  • Just a thought … is Oil the new Gold?
  • PS: These days daily commentaries on fluctuations of Oil is more interesting than Euro 2008! 🙂
    Let me try some myself.

    Well, Oil has entered the last penalty kick to zoom past
    $140 ...
    If that happens than world over, there will be lot
    of cribbing on rising inflation which can derail
    world GDP to 3.0% !
  • I am not a football fan but have I got it right ? 🙂
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