Is $100/Barrel Oil Possible In 2007?
Oct 18th, 2007 by Shaun Carter
Crude oil has been on a bullish tear recently as it keeps setting new record highs. Recently MF Global announced during a CNBC interview that they anticipate oil reaching $100/Barrel by the end of the year and now more analysts and traders are coming on board with that hypothesis.
Oil is now just barely under $90/Barrel heading into the prime heating season in the northern hemisphere and with the turbulence in the middle east, any little political event could set the price of oil on a crash course to $100.
The all-time high price of oil, adjusted for inflation, was during the 1970’s oil crisis and hit $106-108/Barrel. Goldman Sachs believes that’s where the price of oil is going to be in the near term. I think it’s possible to see oil well over $100 in 2008 and continue on this hyper inflated price appreciation as Russia, China and India continue to demand ever increasing amounts of fossil fuels.
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