Investment firm Lehman brothers has indicated that they believe oil prices have peaked for the next few years, citing signs that tight supply and demand conditions are loosening.
Oil peaked at over $147 barrel on July 11, and now has retreated back to $115. Hopefully to continue to drop.
High prices have led to reduced global and US demand, and the end of China’s hoarding in preparation for the Olympics has occurred.
Further, speculative forces also appear to be declining.
Source (Reuters )
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