RE:Oil headed back to 120?Definitely oil and gas going higher as supply crunch is happening from the risk of supply in Russia Libya Ecuador.. while summer driving , ramping airline capacity same with cruise ships ..
Oil fundamentals going strong you see some major institutional investors adding to their position..
Buffet added 500 millions on OXY he would not add unless he see some value in oil and gas play .. He probably hundreds of analysts on his disposal to mitigate such additional investment in Oil ..