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EFCR Something is going on, but what nobody knows. Volume more than doubled on no news. Up 4% on Wednesday and almost 10% today. Yes, I know that's not a lot, but just wait!
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BIGN OMOG FPPL Had a bid on IDCN but to low for a fill. Just my plays and going long. BIGN looking good to me. PAPO NDOL UPDA EFCR Not so much the pick it's the timing. GLTA
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AMMAN, Jordan - Saudi Arabia's oil minister warned Arab producers Sunday not to expect continued growth in prices and demand for oil. Ali al-Naimi said prices could plummet if an economic crisis drives industrialized nations to find other sources of energy, citing the 1980s — when oil prices dropped by 80 percent after such nations reduced their dependency on oil and turned to alternative energy sources.
"Global economic growth may not continue at the same good momentum for years to come," al-Naimi said at the opening of a four-day conference of Arab energy ministers in Amman. "We should be careful and not take expectations as indisputable, especially the continuation of big demand for oil and its prices remaining at the same level or increasing," he said. ************************************************* The dipsticks are starting to realize that the artifically inflated prices will be their downfall. Sooner or later the available sources of oil (ie oil shale..tar sands etc) will be developed and they will be left holding the bag.
-------------------- Making it a little at a time....Now is the time to determine if you are a man or a mouse.
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With the U.N. Security Council deadlocked and Tehran refusing to cease uranium enrichment, there is no end in sight to the struggle or the upward price spiral.
A barrel of crude was trading around $70 a barrel. But Iranian officials this week predicted prices as high as $120 -- a forecast some experts share.
"I don't think that's far-fetched, assuming that the crisis with Iran will escalate," said Michael Klare, author of "Blood and Oil: The Dangers and Consequences of America's Growing Petroleum Dependency."
And there is also plenty of gloom elsewhere on the energy map.
In Africa, violence roils Nigeria, Chad and Sudan. In the Middle East, there's insurrection and terrorism in Iraq. Ethnic and geopolitical tensions persist in the Caspian Sea region. Russia's government is using its energy clout for political ends. In Asia, conflicting claims to the energy-rich South China Sea are sharpening Sino-Japanese tensions. And energy nationalism by South American nations is spooking markets.
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Bearish reports came out Friday on the oil companies stock. Some firms down-graded this sector. XOM and COP have been falling for several trading days now.
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