I was reading an interesting perspective on Oil on the grandich blog here on AGORACOM and I quote.

"Oil - While I suggested a couple of days ago to only watching oil for the time being and not add to or make new purchases, the overwhelming bearishness makes the contrarian in me want to back up the truck. It’s virtually 180 degrees from the first half of 2008 when it was easier to find a needle in a haystack than a bear on oil. I believe the bulk of the selling in the nearby contract on the Nymex is being caused be traders who feel desperate to sell the contract before it expires out of fear they would need to pay for an empty storage tank to hold physical barrels. In effect, here too we’ve spun 180 degrees from begging for delivery to “no one’s home.” This is likely to break when the storage crunch at Cushing, Oklahoma eases. I suspect this can occur once the OPEC cuts take hold. Yes, we could see $30 or even $25 for a very short period but I feel in my heart of hearts, we’re going to see $75 to $100 in the next couple of years. I sooner be a year too early than a day too late."

Link: http://grandich.agoracom.com/