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Is Oil Price Rise A Self Fulfilling Prophecy?

Even though the markets were shocked when oil broke through the $100 a barrel level, we are now fast approaching $130 a barrel and nobody quite knows where this rollercoaster ride will actually stop. As the price rises so the panic continues with more and more people buying oil before an expected push upwards. It is this constant panic buying and comments by a number of market experts which has caused alarm in some quarters.

The bottom line is that there is more than enough oil in the world to fulfil demand, but the rumours and counter rumours about problems in the oil rich Middle East continue to affect market sentiment. Oil billionaire T Boone Pickens has announced that he expects the price of oil to hit $150 a barrel this year with many others forecasting a price of $200 in the not too distant future. So what is driving the price?

In many ways we are seeing higher and higher forecasts driving the price up with many investors looking to make a quick buck. While the forecasts of $200 a barrel seemed ludicrous only a few months ago they are not out of reach after the recent rise and many are starting to believe them.

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