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Friday
Aug222008

Nobody knows nothin’ about crude oil prices.

Today's weekly Bloomberg survey of oil analysts and traders projects that prices will rise during the week of August 25. The story reports that the survey, which has been done weekly since April 2004 has correctly predicted the direction of market movement 49% of the time. It seems Bloomberg could improve the accuracy of its prediction if it just reported each Friday the results of a coin flip. And, since the coin flip would take much less time and money than the survey, maybe Bloomberg could afford to expand its service and give us a daily prediction.

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