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Saturday, November 24, 2007 

The intolerable price of Oil "There is no reason"

Chart courtesy of stockcharts

Since the start of the year that we’re seeing a dramatically increase in the price of crude Oil, due to many factors that no one can tell us exactly what are really behind this strange movement. The connection with the dollar is one of the most talked issue, but in my point of view there are something more, it’s intolerable this kind of movement, prices of gas are extremely high and no one cares about it , I don’t see governments worried about that, it’s something unthinkable years ago see the prices of barrel at $100. If this movement continues through the year of 2008, the global economy will surfer a dramatically slowdown and maybe a recession, not only in US but in overall economies too, where the consequences due to this fact no one knows, but I can tell you that I’m really worried about that. In a final note, I think this movement is based in pure speculation and no in based fundamentals of any problem of disruption, war or lack of Oil. New discoveries are done every year, like the latest from Petrobas, and more probably will appear, we still having big reserves of Oil for the years to come, so why are people still buying consistely contracts of Oil at this high prices? Based on the trend? Based on the speculation? Think about that and comment your vision here.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. Have a nice evening !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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