Story for oil good as bull market continues

As the oil price has moved from its depressed $10/barrel in early 1999 to around $80 Q3 2007, energy equities have reacted with strong growth in their profitability and valuations have more or less trebled* from during a period when the broad market has risen about 25%*. The question on all of our minds is how much further has the oil bull market got to run. At the beginning of this year we were looking for oil to trade in a $50-70 trading range. Opec production cuts were enough to hold the line at the bottom and, after touching $50 in January, by the end of June we were at the top end of...