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This has been a turbulent week
on the geopolitical front, triggering waves in the stock market and
sending the price of crude oil through the roof. While the stock market
corrects itself (as we anticipated), the price of crude oil seems to be
creeping ever higher, putting upward pressure on the price of fuel and
energy. Worse still is the serious effect this could have on the
economic recovery that everyone has been banking on.[marketoracle]There's
no way of knowing how events will unfold. Since the current oil price
is always the best predictor of the future oil price in the very
short-term, I predict that Nymex WTI will be priced in the $93-$104
range on March 12th. |
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