Oil Analysts Can’t Seem to Get it Right

Back during the spring and early summer, as the price of oil climbed higher with each passing day, it seemed that every energy analyst was saying the price of oil would climb to and stay within the $150 to $200 range within months, if not weeks.

Of course, this sort of fed on itself, and was a major driver behind escalating oil prices, which eventually topped out at $147.11 a barrel on July 11.

Since then, the price of oil has fallen to $107.89 – a drop of over 25%. This recent decline, brought about thanks to a stronger dollar, weaker economies and declining worldwide demand, has made many analysts do an about face and predict that oil will now continue to fall and end the year within the $80 to $100 range.

Maybe if their energy analyst gig doesn’t work out, these people can find work as weather forecasters.

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