20050704 Bloomberg TV reports "Traders and analysts expect Crude il prices to hit US80 per barrel this year". Well this is nothing new, considering that just before the Iraq invasion 2 years ago they were expecting crude to hit above US75 per barrel then Also Goldman Sachs, the 'biggest crude oil trader' predicted a 'super spike' of crude to US105 per barrel. That was 3 months ago. Basically all news you hear is supportive of a raging bull spike in crude oil prices Cast our minds back to the Asian Financial Crisis in 1997-1998, the crude oil went to as low as US18 per barrel, and back then expectations were for a spiraling downward acceleration in crude oil prices due to the low demand caused by the economic crisis. News or 'analysts predictions' should be seen in cynicism, they are basically 'position talk' by the big traders who want to or attempt to move the markets in their position's favour.

Crude Oil futures chart