Oil Shoots to $71, SASOL climbs to R317.70 (up from R300 on Monday)

SHOOT: Silly me felt blue and gloomy on Monday, so I blew off my shares in SASOL. The market then poked a dirty finger in my eye, climbing to R307 the next day, and adding another 4% today.

Still, fundamentally I don't see any rationale or reason why oil prices right now should be where they are. Supply is high, demand is low, and credit remains wiped out.That said, I do expect a slow but steady climb as fundamental supply levels edge lower and demand creeps higher. I've suggested oil at $100 this year and I still think that's ballpark.

clipped from news.yahoo.com VIENNA – Oil prices soared above $71 a barrel Wednesday to reach a 2009 high, as investors poured money into crude markets to protect themselves against the inflation risks posed by a weakening U.S. dollar. "I wouldn't be surprised if we're testing $80 in a week or two," said Gerard Rigby, energy analyst with Fuel First Consulting in Sydney. "The momentum right now is too strong." A weaker U.S. dollar and expectations massive fiscal stimulus spending could spark inflation have bolstered the market. The Energy Department also said global consumption of oil, which has fallen by nearly 2 million barrels per day this year, will begin to rebound in 2010 as the economy recovers.