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Why Oil Prices May Shoot Back Up

From bloombergview.com

Price forecasts from the Organization of Petroleum Exporting Countries have never been particularly reliable, so it's easy do dismiss the latest one -- a "constant nominal price" of $110 per barrel of crude oil until the end of this decade, and $177 by 2040. It is, however, worth listening to OPEC secretary general Abdalla El-Badri when he says speculators played a major role in oil's recent spectacular slump, and prices may rise again next year. OPEC has been publishing its World Oil Outlook since 2007. That first report assumed $50-$60 per barrel of OPEC oil until 2030. Then prices rocketed to $141 and dropped to ... (full story)

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