According to Yahoo!Singapore News:
Oil hits record over $101 on OPEC, fundsThe gains came alongside rallies for platinum and soybeans as commodities remained in favor among investors seeking to beat returns in other markets, such as equities. (Reporting by Matthew Robinson in New York, Alex Lawler in London; Chua Baizhen in Singapore; Editing by Marguerita Choy) – NEW YORK, Feb 20 – Oil vaulted to a record over $101 a barrel on Wednesday as OPEC supply concerns and hedge fund buying countered worries about the U.S. economy
Read the full article at Yahoo!Singapore News
According to MSN Sympatice Finacial:
Oil jumps past $101 a barrel on view that the Fed will slash ratesNEW YORK – Oil futures rallied again Wednesday, pushing briefly past US$101 a barrel after the Federal Reserve lowered its forecast for economic growth this year, convincing energy investors that the central bank will slash interest rates further.
Read the full article at MSN Sympatice Finacial
– Do you remember the prediction that I had made previously when IEA Claimed that Crude Oil Prices Could Fall Further on 16th January 2008? I had predicted that oil prices will go back up above $100 within 2 months time starting from 16th January 2008 at the end of the article and I seemed to be right!
The theory of oil prices withdrawal to lower prices (termed by me as the Pre-Tsunami wave withdraw syndrome) is a prelude to higher prices to come later at a sharp spike! Looking at the live Oil Chart of NYMEX crude oil, it’s unbelievable!!
This theory can only exist if the global oil supply is declining together with increasing global oil demand and the rest of the world continuing their “business as usual conservation not my problem” mentality. It’s not a matter of will Peak Oil arrive but WHEN will it arrive and what indicates it’s arrival.
Now, we might be looking at the beginning signs of peak oil and when the world finally understand that we are not “running out of oil” but just half of it is gone but the rest of the world continue to increase their demand is the problem.
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