Yes, that is an interesting comment by John Hartley. Negative sentiment on oil is not without good reason given that the US has increased it's in house oil production and technological advancements have started to reduce the need for oil.
However, I do think there will definitely be a spike in oil because the steady decline has been also heavily attributed to the strength in the dollar. It would seem that the dollar's upward trend will soon end, which Michael Pento actually outlines in his article here:
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Yes, that is an interesting comment by John Hartley. Negative sentiment on oil is not without good reason given that the US has increased it's in house oil production and technological advancements have started to reduce the need for oil.
However, I do think there will definitely be a spike in oil because the steady decline has been also heavily attributed to the strength in the dollar. It would seem that the dollar's upward trend will soon end, which Michael Pento actually outlines in his article here:
http://www.talkmarkets.com/content/us-markets/dollars-ride-is-about-to-end?post=50460
So in the end, recent historical trend should hold out but the most important question here is: for how long?