$70 oil is the new $100

IT’S been a very long time since anyone suggested that oil could return to a price of $US100 a barrel and while Slugcatcher is not suggesting that we’re likely to see that soon it is becoming clear that $70/bbl is in sight and with costs down perhaps $70 is the new $100.

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Look anywhere in the oil industry today and optimism is breaking out, triggered by the latest production cutback deal by members of the OPEC cartel and pushed along by strong global economic growth

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