Thursday, December 29, 2011
Market speculators plan to keep price of oil above $100
And they have announced their target price for the year ahead with the usual paid shill announcements.
The United States economy managed to cope this year despite triple-digit prices for barrels of oil. The lessons may come in handy, economists say, because those prices will probably be sticking around.With the discovery that $100 a barrel does not destroy the economy and the much anticipated pissing match between Iran and the US on the horizon, the speculative community fully expects to make their predicted profits in the year ahaed.
With Iran threatening to cut off about a fifth of the world’s oil supply by closing the Strait of Hormuz and unrest in Iraq endangering the ability to increase production there, financial analysts say prices for two important oil benchmarks will average from $100 a barrel to $120 a barrel in 2012.
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