Outlook for higher prices getting less cloudy

06/24/2002
The predominant view of oil markets these days is a nearsighted one.Oil supply and demand prognostication these days doesn't seem to extend much beyond the current week, much less the next 6 months.Traders on futures exchanges-the true arbiters of oil price these days, no matter what the general public believes-tend to latch onto yesterday's inventory data or today's violence in the Middle East to drive their trading strategies for the day. Oil prices in early June slumped by several dollars per barrel largely because oil stock levels remained hefty and Middle East tensions (relatively) eased.Many oil companies plot their capital expenditure budgets because their expectations ...
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