Oil in 2012

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Oil in 2012

Contrary to what I’m hearing from yet another analyst on CNBC, and for much of the past month by others… 2012 looks to me like the year oil will move back towards supply/demand equilibrium, which according to OPEC’s own economists, is around $70/barrel for WTI. When the smoke clears, markets will again shift focus to underlying supply/demand conditions and realize the world is swimming in oil.

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