Oil could hit US$130 as U.S. output "falls off a cliff," says analyst

Emad Mostaque has had a profound change of heart on oil prices. The analyst with London-based consultancy Ecstrat says US$130 per barrel crude could be less than a year away for the European benchmark as lower prices drive demand in both emerging and developed markets, while a weakening stream of capex dollars constrains new exploration and production.
“What we are seeing is supply is about to roll over dramatically. Demand is continuing to rise,” he said an in interview with BNN. (more)