Has crude oil bottomed? According to Mickey Fulp, it might very well have done so. Now above $30 a barrel, crude could be going higher, especially in light of the potential war brewing between the Sunni’s and the Shiite’s. The US is still pumping near record amounts of oil. At present the world consumes about 95mm barrels per day. However production is about 2mm barrels above that. It’s really not that much of a surplus and if the world economy ever starts growing again, the surplus would quickly disappear. But until it picks up, oil will continue in the doldrums.
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