Oil Prices over 100 sustainable??

Hi Guys,

Just wanted to discuss the major factors that could affect oil price in the near future.

The factors in support of oil sustaining over 100 are that oil price seems to be driven mainly on the hopes of growth. A tight oil supply and increasing demand would be the major forces to keep driving prices up steadily over time. Iraq had cut Future Production Target in half. The global economy, driven by the success of the Chinese and Indian economies, most likely will grow despite the European and US sovereign debt crises, and the always-high US trade deficit. Also there are supply problems in Europe and Africa and China's growing oil demand. But that too has come down recently and its imports were down from a record high rate a year earlier.

However, some analysts are forecasting commodities such as oil prices will drop next year amid weak global economic growth and a stronger US dollar, which makes oil more expensive for investors who buy with other currencies. Plus there would be a draw down in inventories. How would the death of Gaddafi affect Oil prices? EU Summit? Plz share your views.