Just in time, as the oil price was becoming unbearable for most of the Middle Eastern economy, Israel decided all-out-war against Hamas(code-named Operation Cast Lead), threatening to render the whole region unstable. An unstable middle-east(with Syria's and Iran's involvement) will put uncertainity for the supply side and has the potential to stall the oil's decline.
However, on the other side, with Gas-Guzzlers(GM, Ford) struggling in the US, and China resorting to contango, the demand is much weaker than expected, and will be so for first/second quarter of 2009.
So does Operation Cast Lead make any sense for now? wouldn't it be better if the operation is commenced in second-quarter 2009 ?
It's all about Oil, it's all about money!! Who cares how many die, and how many live ?
