Seems like a few months back they called for a top. Then Tom Demark called a top. Both when prices were under $100.00.
Look everyone, the speculators are driving up the price of oil! Please ignore our collapsing dollar and peak oil. Has anyone noticed - oil is in BACKWARDATION. Speculators are betting that the price will drop. But who cares, you can get the public to believe absolutely anything these days. For all the "traders" who think this is a speculative bubble - please keep shorting it and awaiting your fortune.
Oil hits new record above $145 Thursday July 3, 10:20 am ET By Pablo Gorondi, Associated Press Writer Oil soars to record near $146 amid concerns over hefty drop in US stockpiles, Iran conflict Oil prices briefly soared to a record near $146 a barrel Thursday, then eased when the European Central Bank did not signal more rate hikes and a report showed unemployment in the United States has continued to climb. Earlier in the session, prices were lifted to new highs by concerns over a larger-than-expected drop in U.S. oil stockpiles, the threat of violent conflict with Iran and comments by Saudi Arabia's oil minister suggesting his country would not boost production. Light, sweet crude for August delivery rose 2 cents to $143.59 on the New York Mercantile Exchange. Earlier in the session, it rose as high as $145.85 a barrel, a new trading record. http://biz.yahoo.com/ap/080703/oil_prices.html