Bouncy Oil !

Oil is bouncing back up today august 21st (and it is still rising). A weak dollar and tensions with Russia are the two main perps. We're up over six dollars in one session for the moment, that's 114 to around 120, with peak just short of 122.

I've been following oil prices on a daily basis since may, because of the parrallelism of oil with the world's economy. Since the price came down end july, all the (interviewed) experts I have seen have been predicting that oil going, and staying down. Personally, I'm betting on a dollar crash somewere between now and mid 2009, and high oil one of the key factors for this to happen. Therefore I haven't really been agreeing with these so-called experts.

Opinions people ? Is this the last gasp, or the starting blocks for a new major rise ?

Since the spike up to $121.00 a barrel I saw the next day the price fell 6 dollars back down to $114.00 a barrel. I'm expecting oil to rise tomorrow seeing how that is how Wall Street seems to work. One day the price is high and the next it is low.

Guess you were right !

Yup today the price of crude jumped to 118.66 do to fears of Hurricane Gustav damaging Oil drilling stations out at sea. I think once the fear goes away the price will drop. Now tell me is that speculation?

No. It's anticipation of demand in case of damaged oil rigs. I think....