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Oil: A Slippery Subject


Anyway you look at it, the volatility of oil prices is enough to confuse anyone.

This Friday, the oil-dependent world will turn its lonely eyes to Vienna. Although OPEC ministers there are expected to keep oil production steady, Venezuela's representative, Rafael Ramirez, hinted that production could shift at the cartel's meeting in March. The price of oil may have dropped from its peak of $100 a barrel one month ago, but it's clear that the worry isn't over yet.

Some experts warn that a rise in gasoline prices is once again around the corner. One report suggests that the national average for gasoline could rise to $3.50 a gallon as early as June, a 17% increase.

Oil companies continue to profit handsomely. Royal Dutch Shell (RDSA) posted a $27.5 bln profit. ExxonMobil (XOM), who reports earnings tomorrow, is also expected to perform well.

Anyway you look at it, the volatility of oil prices is enough to confuse anyone. The first step to understanding this slippery commodity is to look at basic supply and demand. Who has the oil? Who wants the oil? Everything else flows from here.

And if the subject is still too murky, Hoofy and Boo's latest report should help turn this opaque liquid clear as day.

Click on the image above to watch Oil: Alippery Subject and more from MVTV!
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