Despite severe economic turmoil, demand for oil is rising significantly—in fact, it will land somewhere in the range of $150 to $157, according to Roger Wiegand, editor of Trader Tracks. In this exclusive interview with The Energy Report, Wiegand takes a close look at the untamed commodities bull and names some of his favorite buys.

The Energy Report: How does you think oil will play out in current economic scenario?

Roger Wiegand: The big sell-off during the past month or two was triggered when the funds bailed out. Roughly 50% of the CRB—the commodities index—is in oil. When oil moves, it moves the index. The sell-off brought oil down from a high of $147 to roughly $90. It bounced back up to $108 to $110; $108.50 is a good support and resistance level for oil today. The next price up should be $112.50, then $122.50, followed by a couple of more …

Brazilian metals and mining company Vale (NYSE:RIO) has canceled its iron ore shipments to China until the country’s steelmakers cough up more dough. But China has other ideas. Vale may find its products aren’t as vital as it originally thought, says Stephanie Grimmett.

Sometimes innovative ideas are washed away and sometimes brilliant ideas are overlooked. Malcolm Bendall may be a genius who has been overlooked.

For over 30 years, Bendall, the CEO of the Kansas-based company Empire Energy Corporation International has been trying to convince the world that there is undiscovered oil and gas buried in Tasmania, Australia where neither has ever been found. In the process, Bendall has raised tens of millions of dollars for seismic and other geological studies that indicate the possibility that he may have been right. Soon, we will know if Bendall is right.

Last week, Bendall announced that Empire has become the first company to drill for oil and gas in Tasmania. Upon starting this process, it has been discovered that the independent firm RPS Energy has estimated the prospective presence of over 2.2 Billion barrels of trapped petroleum on Empire’s Tasmanian licensed area.