Posted AT 8:56 AM EST on 07/08/08
Consumer behaviour brings some sanity to oil market
Oil bear market.
A few months ago, it would have seemed preposterous to utter those three words together. Oil, after all, was in a bull market to end all bull markets, its price rising inexorably higher, even as the pundits warned that any relationship between the cost of a barrel of crude and the underlying supply and demand fundamentals had been rendered moot by the speculative fervour gripping the market.
What mattered was China. And India. And Hubbert's Peak.
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