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Now that oil prices are wedged in the $30 a barrel range, airlines are scrambling -- a bit frantically at times -- to keep profits up as fuel costs soar.
"We think oil prices have clearly peaked, and will fall to the mid-$20 a barrel range," he said in an interview.
But with oil trading in the $50 a barrel range, and Russia's estimated break even for oil at $70 a barrel, Russia is being forced to liquidate parts of its oil revenue-generated sovereign wealth.
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We are expecting oil prices to be in the mid-$20-a-barrel ralle all the way through next year.
Alan Greenspan, the Fed chairman, said that recent oil price rises had not yet ignited general inflation and were unlikely to do so if the price of oil settled in the mid-$20-a-barrel range.
Their July crude contract forecasts allow for prices as high as $145 a barrel, ranging down to $130.
If oil holds above the high $40 per barrel range, you'll probably get a decent capital gain to boot.
Most analysts believe the price will be in the USD 70-80 per barrel range for the Venezuelan basket in 2010 and many predict a slight decrease in production (see Ref A for post's oil sector outlook).
From the Fed to the top business periodicals, analysts are trying to unravel the underlying explanation for an economy pushing past a Dow 14,000 with oil in the $80 per barrel range.
Oil prices are now in the $55-$55-$60 barangerange.
Rather than finding areas of agreement, participants in the one-day meeting in this coastal city on the Red Sea illustrated the sharply diverging views on what has caused oil prices to double in the past year to the $130 to $140 per barrel range.
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