OIL Price Bubble Seen Popping Soon

Yesterday United States President George W. Bush sought relief for high gasoline prices at home, while traveling in the Middle East.  King Abdullah of Saudi Arabia said a firm no to the request to pump more oil daily, as there is no demand to buy it from customers.

These developments should clearly pop the speculation bubble that there is any shortage in supply, the wild fears that have driven up the price of a barrel of oil to over USD127 in the past week, have been shown as flatly and patently nothing more than pure hype.

If you’re an Oil Trader, you’ve been warned, the floor has been pulled out of the fear market - time to get out while the getting’s good.

More about the President’s Saudi Oil Request.

This entry was posted on Saturday, May 17th, 2008 at 7:52 am and is filed under politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.