Does $70 a barrel mark the high point for oil?:
"Brent crude oil started the week with a bang, hitting a three-year high of $70.37 a barrel. But the rapid run up in oil prices from below $45 a barrel just seven months ago has lead many investors to ask if $70 a barrel will mark the peak for the market? The reasons for caution are grounded largely in the resurgence of the US shale industry, which after weathering three years of lower prices is expected to roar back with higher production this year. The International Energy Agency on Friday raised its forecast for US production growth to 1.35m barrel a day this year, making up by far the biggest chunk of supply growth outside Opec countries. US oil output should surpass Saudi Arabia this year."
'via Blog this'
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