According to Elliott Wave International: There’s plenty more where those came from, suffice to say, where the mainstream “experts” saw a clear set-up for “Peak Oil,” the extreme psychology saw to a major “Peak” in prices. In case you’ve forgotten: After setting an all-time record high on July 14, 2006, oil took step one DOWN of a six-month long sell-off that slashed 31% off its value before hitting an 18-month low in mid-January, 2007. Now, flash ahead to the Crude Oil Repeak of July 2007 where one recent news source steps on board the bullish bandwagon with this golden ticket: “$100 oil may be only a few months away.”(International Herald Tribune ). Which means the time is just right for Elliott Wave International’s Daily Futures Junctures editor Jeffrey Kennedy to revisit Crude Oil AND present a newly updated chart of the market in the July 20 edition of his Weekly Wrap-Up. See the full story today via a risk-free subscription. - You can see the very reasons why this articles actually quoted a couple of news about peak oil while talking about oil prices…yes even I can predict that oil prices will bounce back during the recent dip due to profit taking and other “reasons” however now all eyes will look at the direction of any actions from OPEC to boost the oil supply output but almost nobody believe that it will materialize….
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