Financial Speculators Wait for Oil's Big Doozy

Predictably, the price of oil per barrel has doubled this spring to $70 as we swing into summer. Like last year many are wondering what effect futures speculators are having on the price. My opinion is that we won't reach last summer's highs but we will see oil go higher, maybe $90/barrel? This time there may be a more gradual decline with prices not reaching last winter's lows again as inflation kicks in this fall. Then again, with everyone expecting oil to continue upwards we could see a stall early on in the season with a quick pullback to $35/barrel.