Originally Posted by Lincolnian
Picken's predicts oil at $100 by the end of the year. His short-term track record hasn't been that good lately but given the volatility that's understandable. Surely crude will find it's way back toward the $147 it marked in July of last year as "the market has a memory" and will seek to return to its previous highs.
The funds, institutions, and leverage that pushed oil over $140 do not exist any more or went BK. Speculators can't do it alone. The current clash in the middle east has nothing to do with fuel supplies.