Global economy may not be as fragile as we thought initially and particularly India and China consumers keep their pocket open. There is good corporate spending in India. Yes Dubai was a setback . I think OIL can top 145$ in 3 years. 2010 can see oil above 100$ but may not breach 140 level yet. Plenty of crude is being pumped around the world that needs to be absorbed before a real supply tightness.

Crude oil traded below $78 a barrel in New York after falling yesterday as the dollar strengthened and amid concerns about the pace of recovery in the US, the world’s biggest energy consumer.

News URL:http://www.bloombergutv.com/stock-market/commodities-market-news/38019/crude-oil-trades-below--78-.html

After touching almost $80 crude corrected on some news that OPEC members will agree to increase production at a December meeting.

Why not , if the price is high suck more crude out and sell em before it fall again. Do you think this decision by OPEC will have much impact on crude prices in long run. May be a little bit . But OPEC was not able to do anything when crude dipped to $35 last fiscal.

Buy Cairn energy to take advantage of crude rally.