From WSJ: Oil prices are locked in an epic struggle: Which is going to pull harder? The downward tug of slumping economies around the world, or the upward pull as oil-producing countries tighten spigots to defend their wealth?
Figuring out what oil should cost is no easy task, because in today’s world of Asian economic growth, resource nationalism, and flat-lining oil-field technology, history isn’t the best guide. Deutsche Bank figures oil will cost about $92.50 a barrel next year, but given all the pessimism that’s roiled oil markets in the past week, it also set out to figure just how low oil could go……. Full Article: Source