From CNN.com:

World oil prices are in a "final frenzy" ahead of a possible collapse soon, with the likely trigger a sharp drop in China's crude imports, according to noted China-watcher and economist Andy Xie...

...While most analysts say oil demand is still strong, Xie says it is weakening and that huge investment in the energy sector, including alternative energy supplies such as LNG, oil sands, coal gasification and liquefaction, should keep supply high for years...

...According to Xie, China's oil imports are declining as it switches to coal for electricity generation, while at the same time the United States' oil inventory is rising.

"The answer, I believe, is that there are too many oil traders engaging in oil price speculation. They will likely keep prices up until an oil market collapse. That day is not too far away, I believe," Xie said.

The trigger could be a sharp drop in China's crude imports.

Xie's view is in sharp contrast to most other analysts...

...He says when power generation catches up with demand this year, China's oil imports will decline and may fall further in 2006...

...[A]s evidence of weakening demand became more apparent, the market "may panic and correct in the most speculative fashion -- it could collapse."