With all the civil unrest breaking out in the Middle East be ready for Oil prices to sky Rocket!
Oil strategist at Nomura, Michael Lo, estimates that oil prices could top $220-a-barrel – almost double today’s high of $119 – if both Libya and Algeria halt production as a result of political unrest.
He told The Daily Telegraph: “We could be underestimating this as speculative activities were largely not present in 1990-1991.”
You can view Wycky’s Oil watch page here – http://wyckynews.com.au/oil-watch/