Released on: July 10, 2008, 11:26 pm

Press Release Author: Fiona Davis

Industry: Financial

Press Release Summary: Cornerstone Worldwide predict more upside as oil passes $141

Press Release Body: Asian-based private wealth manager Cornerstone Worldwide were
rumoured to be calling oil to $175 even before "black gold" leapt to a new record
high near $142 a barrel on Friday. The reasons for such a bullish statement may
appear obvious but Cornerstone Worldwide's motivations are thought to emanate from
fairly simplistic origins, namely that for the majority of 2008, oil has simply been
the "only game in town".
"One need only consider the dismal performance of various world indices this year to
realise that confidence in equities are at their lowest ebb" mused a source close to
Cornerstone Worldwide as world stocks fell to a three-month low as a fast
deteriorating global inflation picture exacerbated concerns over the outlook for
corporate profits, hastening the rush of investors\' funds into commodities.
Cornerstone Worldwide's position is thought to be that as the Federal Reserve is
unwilling or unable to raise interest rates, the price of oil and other commodities
priced in dollars must continue to rise. $175 is not beyond the realms of
possibility but Cornerstone Worldwide are thought to be of the opinion that
co-ordinated central bank intervention would likely be in play before this level was
attained.



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