Crude oil prices can shoot up again to 80 dollars
The crude oil prices are down from 84 dollars two months back to less than 74 dollars this week. There has been a spate of negative data flow in the last two months which pulled down the crude oil prices. But with some stability returning to Germany , France and UK, and also some stability returning to China, the demand for crude oil is set to return to normalcy over the coming months.
Also the ban on deep water drilling by the US would start impacting the future availability in a big way, and that can keep the crude oil prices at around the 80 dollars mark. If the US FED is able to keep the US economy humming by special measures, which it has assured, then the demand from US also would remain steady.
So expect crude oil prices to go to 80 dollars soon and remain there for few quarters.
