Lehman Bros warns of oil dot.com

The investment bank says that as in the dot-com period, when "new economy" stocks became popular, a growing number of Wall Street analysts have been repeatedly raising their forecasts as oil prices have risen. “These revised forecasts have been partially responsible for new investor flows, driving prompt and forward prices to perhaps unsustainable levels,” it warns. The banks is concerned that perceived market tightness belies reality and says past performance is predicting future inflows, which is in turn creating an asset bubble. Other problems it identifies are producers have not b...