  Methodology that recently lead us to predict to an amazing accuracy the date
(July 11, 2008) of reverse of the oil price up trend is briefly summarized and
some further aspects of the related oil price dynamics elaborated. This
methodology is based on the concept of discrete scale invariance whose
finance-prediction-oriented variant involves such elements as log-periodic
self-similarity, the universal preferred scaling factor lambda=2, and allows a
phenomenon of the "super-bubble". From this perspective the present (as of
August 22, 2008) violent - but still log-periodically decelerating - decrease
of the oil prices is associated with the decay of such a "super- bubble" that
has started developing about one year ago on top of the longer-term oil price
increasing phase (normal bubble) whose ultimate termination is evaluated to
occur in around mid 2010.

Statistical Finance;Physics and Society