Sheikh Yamani on Oil's Pendulum

The former Saudi Oil Minister has seen it all since 1962. Now he sees prices swinging back down "over the long term

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"Another big change: the proliferation of speculators. Measured by fundamentals such as inventory levels, the oil markets aren't particularly tight these days. Many market participants say heavy buying by hedge funds and other financial types has played a sizable role in the current price run-up. If market psychology changes, these funds could push prices down even faster than they have risen. 'In the final analysis, fundamentals will work,' Yamani predicted. "