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Oil Prices finally zooming up and getting ready for a free fall
Oil prices hit $66 a barrel. As predicted, oil prices have zoomed up very firmly. It has mor rooms to go up but the fundamentals are pointing towards complete blow up followed by a massive sell off to low forties. 92% oil traders are bullish and the oil supplies are increasing everywhere in the world. Finally, Indians and Chinese are getting the message of high oil price and are starting to look for alternative fuels and energy conservation.
Iraqi oil production is what will create the temporary glut in the oil market. Kurdish militia wants to protect their oil reserves in the North Iraq, which extremely oil rich. Russia plans to pump more. People in America have started serious conservation. Canadians are creating petroleum from alternative means. The natural gas is being use more and more to run heavy-duty vehicles instead of crude oil.
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