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| Oil Supply High for This Time of Year |
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| Written by Miranda Marquit | |
| Thursday, 13 December 2007 | |
 Photo:identity chris is, Creative Commons, Flickr Oil inventories, prices and the end of the year. Some analysts predict $105 for a barrel oil by the end of this year, but oil prices are nevertheless heading down. Even with a fire at an ExxonMobile (XOM) refinery and an Statoil (STO) spill in the North Sea, inventories are higher this year than in previous years. AP reports: Total oil and product inventories have fallen for several straight weeks, which is normal for this time of year, but remain high by historical standards, according to the EIA. Analysts said this week's report also contained elements that could undercut prices, including a 1.4 million barrel increase in oil supplies at the closely watched Nymex delivery terminal in Cushing, Oklahoma.So, while there are some indications that oil prices could rise further, a number of oil analysts feel that oil prices are likely to remain below $100 for the next few weeks. After all, oil prices are dropping right now (along with Big Oil stocks -- but everyone is dropping today thanks to the Fed liquidity plan), and it would take a major disaster to push them back up dramatically. Disclosure: I do not invest in XOM or STO, although I am mulling STO. Site disclaimer. Big Oil 
Miranda Marquit 
STO 
XOM 
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