Oil Price

[dan_s]

Looking at the chart for crude oil, I see support at $73 and very strong support just above $70/bbl. Do you agree?

[setliff]

close enough. i see the support at 73 on the weak side, but very strong support from 69 to 71.

http://stockcharts.com/h-sc/ui?s=$WTIC& ... &listNum=1

[dan_s]

According to the IEA’s latest oil report (published in August 2010), global demand will reach 86.6 million barrels per day this year, and is expected to hit 87.9 million barrels per day in 2011. That means demand could pass an all-time high of 86.9 million barrels per day (as seen in 2008).
Every barrel that will come to market will be much more difficult to produce, and therefore much more expensive.