The investor confidence seems to be rising. So are the oil prices.
Last week oil futures touched a high of $70 a barrel on the Nymex. The oil prices are also close double than that of the beginning of the year.
Is this a trend that will repeat the 2008 trend?
Some energy experts see similarities between the two run-ups. In both cases, the rise came despite warnings that supply-demand fundamentals didn't support big price increases, and in both cases, energy analysts appeared to drive the market upward. On Thursday, Goldman Sachs analysts predicted that oil prices will hit $95 a barrel by the end of next year, echoing the bank's prediction of $200 oil in May 2008.
The rise in the stock market and a hope that chinese oil demand will increase, seems to be fuelling the oil price rise.
Last week oil futures touched a high of $70 a barrel on the Nymex. The oil prices are also close double than that of the beginning of the year.
Is this a trend that will repeat the 2008 trend?
Some energy experts see similarities between the two run-ups. In both cases, the rise came despite warnings that supply-demand fundamentals didn't support big price increases, and in both cases, energy analysts appeared to drive the market upward. On Thursday, Goldman Sachs analysts predicted that oil prices will hit $95 a barrel by the end of next year, echoing the bank's prediction of $200 oil in May 2008.
The rise in the stock market and a hope that chinese oil demand will increase, seems to be fuelling the oil price rise.