Finding reasons to believe

The Energy Report 20/04/2009

By Phil Flynn
20 April 2009 @ 08:58 am EDT

Oil is still fighting hard to find something to believe in. The bulls and bears continue to fight to a stalemate result as they try to make their case. For every bearish story there seems to be a compelling bullish argument on the other side. On one hand you have oil demand near a ten year low and supply near a 20 year high and on the other side you have the Fed and its magic money printing press. But then you have OPEC cutting back on production and you have oil investment falling to the wayside.

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