Tuesday, May 12, 2009

Lonely bulls

On oil prices reaching $60/bbl today it is a time for reflection. The rally from the low of $32.40 on December 29, 2008 has had a lot of detractors. Now that we have almost reached the Saudi's 2009 budget balancing price level of $60, higher prices may face stiffer winds. (My photo above later become the FT Energy Source Blog "Image of the week". Thanks, Kate Mackenzie).
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