There are many reasons why oli is so high currently but the main reason is that demand for oil is high. I also believe that high demand in asia will keep prices up in the future. But there is also an other reason for high oil price in the future. oil is now high and therefore many oil companies have been drilling in areas that have been previously unprofitable. So basically this new oil is more expensive to drill and that means companies have to sell it also for high price.
I still think many oil services companies are undervalued comapared to expented earnings growth for next 12 months.
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