"The 15 percent drop in oil prices since the end of June was the longest and steepest decline so far in 2009. Prices had been rising since February, more than doubling from lows hit near $33,as traders started to price in an eventual recovery.
But many analysts cautioned prices had risen ahead of the real economy, with unemployment still climbing and global oil inventories mounting up.
The fragile state of the global economy dominated the annual G8 summit, with the United States, Japan, Germany, France, Britain, Italy, Canada and Russia acknowledging there were still significant risks to financial stability.
OPEC's 2009 World Oil Outlook has added to the gloom as it said world demand for oil may take years to recover from the slump in 2009 because of economic weakness and demand destruction." Reuters
Does anyone here still think that crude oil prices are governed in today's markets by eventual world shortages?
I reckon that the time has come to provide an opportunity here for further debate on this question if there still is a question. pl