Where next for the oil? It's yesterday's news, surely?
If there is one asset class (type of investment) which seems to defy all price predictions, it is oil. Every time an expert publishes a seemingly rational article, events seem almost bound to turn out differently. Oil is not alone in this of course. Many try to predict the price of gold without success. However in the case of oil is not just the size of the error, it is also the direction that the experts seem to get entirely wrong! Conventional wisdom gets turned on its head time and again. Whether it's prices hitting $140 per barrel in 2008, and apparently heading to one hundred and seventy (by December of that year they'd fallen almost 60% to $55); or US Fracking putting a lid on prices at $50 per barrel in 2017 (by June 2018 they were at $77); or predictions by the US Energy Information Administration that prices in 2020 would be around $59 per barrel, near where they had been through most of 2019: by April they'd gone negative for the first time in histor