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I'm going against the crowd here, and I think sub - $50 a barrel is defo on the cards in the not too distant future. I know Mick for one thinks the opposite, but this is not a competition over who's right and who's wrong, it's a forum for debate on topics like oil.
One of the main reasons why I think oil is in for a downwards revaluation is because oil at $70 + is now counted as a 'sure thing': that in particular is something to be extremely wary of.
There is a lot of speculative money in oil: if there is a recession or a slowdown coming along, then when that money unwinds from oil, then it will unwind in a fairly dramatic fashion.
Long term the prospects for oil are bright, short to medium term I'm not so sure.
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