Heremes, yes can see Oil dropping in the short term. So much counterpressure with Chinese Fuel prices increases: 17% for gasoline, 18% for diesel and 25% for jet-fuel.
Then Saudi-Arabia's impending supply increases, and alot of media on Iraq's fields opening up, and offshore US drilling etc.
Interesting to see if and by how far Oil drops in the mid-term, after this initial possible spike down in the next week or so.
Given their situation, fuel price hikes in China should encourage SinoPec, PetroChina, etc to import even more Oil if the prices don't crimp demand.
