Tuesday, March 1, 2011

Oil Closes Above $100 Per Barrel


It's not often I hate to be right. It took only two of twelve months too.

Price of oil per barrel as of 2/28/11

I suppose Libya and Iran have something to do with it, but when oil companies announce their next round of record profits we'll see the real driver: opportunism.

Oil will fall back on profit-taking or when oil traders' innate ADD causes them to fixate on something else. Until the some real or imagined panic provides a pretext for the next spike. All things considered, however, ethically indifferent investors should be long on oil for quite some time.

New prediction: $120 per barrel by July 4.

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