This is not the first time a prominent figure from OPEC has publicly commented on high oil — emphasis this time around on geopolitical pressures. (See clip excerpt below.) Obviously the weak dollar and speculators have been major factors as well. Interesting times ahead as the geopolitical chain will be yanked again, although against contracting demand and stabilizing supply. The “smart money” is likely largely short and it’s only a matter of time for downward revisions of overambitious oil price targets.

clipped from money.cnn.com Oil skids about $3 on OPEC comments Cartel president says there is adequate supply and prices are much too high. NEW YORK (CNNMoney.com) — Oil prices briefly fell below $121 a barrel on a big slide Tuesday after OPEC’s president said crude prices were abnormally high and many investors continued to bet that the fundamentals of the market will push oil down. “If the dollar continues to strengthen and the political situation [with Iran] improves, then the long-term prices will be about 78 dollars (a barrel),” said Khelil, according to reports.

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