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- #21
The President of OPEC came out today and said that based on fundamentals, oil should be at $70. Its higher, he claims, because of speculation, dollar depreciation and geo-political tensions.
I have no idea if he is merely covering his derriere since OPEC are liars, as are all cartels, but at least some of the price is due to speculation.
Most of the inflated price is due to speculation. If OPEC meets and ups production, will it help? I doubt it...