Don't know how much truth there is in the above article but the information is now published and can be scrutinised by others who may have better knowledge or information.

Here is some recent news that should affect oil prices.

Oil, Gas Market Speculation May Face Restrictions



bloomberg

TPB probably trying hard to drive the Golden Cross back down towards 200-dma.

$58.91 at the start.

Wow, a Saudi bank is bullish on Saudi Arabia. Consider me stunned.

200-dma stands at $56.22 while NYMEX crude oil prices continue to hover around $60. Putting up quite a fight since hitting $61 and coming back down again. Good support for now around this level, see what comes up next.

Welcome back to $60 oil, no wait, it's back below $60, no wait, it's above $60 again, hold on it's $59.94, just a moment it's $60.40, no scratch that, it's $58, uh, as of *the moment of writing* it's $60.49.

Can somebody please put an end to this +/- $60 level craziness and pick a clear direction?

Flip a coin.


July 14 (Bloomberg) --Crude oil in New York may fall below $45 a barrel by the end of August as the global recession stalls a recovery in fuel consumption in the U.S., the world’s biggest energy user, BNP Paribas said.

Up over $67... That didn't stay down long. Get ready for a spike in gasoline prices.

Quite a ride indeed. $65 is a good breakout point, if it breaks through $75 the picture would get much clearer, as there's been a recent resistance around that area.

... now inching past $68/bbl ...

The direction is up!

What alot of us do not seem to get is that China is still growing, someone said 5% per year. So yes they had a 50% drop in growth from 10% per year. But here we are in a 5% tail spin.

Any talk, just talk of an end to the recession is going to reinflate oil. Those are the facts as best as I can remember them.

$85 by labor day unless Americans cut back again and the economy starts sliding again. With a major hurricane in the gulf $90 by mid September. By Nov 09 it will start to be come very clear to alot of folks that oil production simply cannot be ramped back up and I expect a spike to develop next spring at a time when we do not expect it, a very sharp spike and then a drop back to a level near $100 per barrel. Gas will be heading north of $3.50 again next year and it will not look back for several years even though the US will be desparately scrambling to realign its transport needs with the new paradigm.

Hyperinflation is coming to the US within the next year. BTW New York might get hit by a hurricane too.

$75 is the next level I'll be watching closely if it breaks above $70. Let's see if we get that coming Monday or if we get an anti-climax instead