how much lower will the price of oil go?
nobody expected oil to drop so far, so fast. i was wondering how much
lower do the people on y/a think the price of oil will go?
what do you think the price of oil will be when it bottoms out or do you
think we are at the bottom already? thank you.
July 12th, 2010 at 2:42 am
I doubt it will drop much more, maybe $35 as the bottom before it starts moving up with heating oil sales. I would expect prices to perhaps top out around $75 a barrel next year. Of course the price will be affected greatly if OPEC decides to cut production. The people of Alaska would definitely like to see the price go up as it costs them about $50 a barrel to produce oil. Apparently Iran has bet its budget on $100 a barrel oil, while Saudi Arabia has a budget based on oil prices under $30.
July 12th, 2010 at 2:42 am
I don’t think it will go much lower, at least not for very long.
If it drops much more, go long…
July 12th, 2010 at 2:42 am
With the oil prices dropping slightly under $44.00/bbl, there could still be a significant drop yet to come.
Keep your eyes on the price of milk, that too has dropped in price.
And the rest should fall suit…I hope.