29.67 -0.21 -0.69%
The price of oil is on the free fall?
>Where is the bottom?
I'd say were pretty much there possibly $1-2 more but that's it, futures prices haven't budged so i'd say that's a decent indicator
Nah, the markets are 'inspired' by the possible talks of easing production, but the Saudi's have absolutely no intention of easing production until the market is theirs again. I expect it to bottom out at $15-$20. Below that the infrastructure can't work correctly.
https://www.eia.gov/finance/markets/supply-opec.cfm
saudi arabia doesnt have enough market share to control the market and they aren't over producing by much at all, it's iran and china that are causing the drop in price now
>>1075053
Elaborate?
I know the price hasn't ever dipped below 15 (Current year) USD, but I'm interested to know why it would fail if it went below that.
>>1075039
>Where is the bottom?
about 3.50
>>1075039
[OP Here]
My prediction for tomorrow is $29.40end of day price. The pattern is currently a dip and then rebound to the 1/2 way mark. I predict a low of $29.00
>0.25% - 1.0% per day is a huge drop,
>WHEN it is over consecutive days (streak)
Told ya ;)
it already did
buy BP shares now !!!
>>1075138
>>1075080
Saudi can't afford oil below 20$. Or is it 10$, /biz/?
>>1075061
China doesn't need to import much oil because of the South China Sea, and Russia. Iran just flooded the market with their oil supply. No end sight until production goes down, which no one wants to do because there is a dickwaving contest at the moment.
>>1075039
it's jammed for 20-40. oil will never ever recover really. might hit 60-70 once in 6 years or something. under 17-18 seems very unlikely for 2016
>>1076951
More then that, its around $25-$30 if charts are to be believed.
bottomed out already
the bottom has passed. back up to $40/barrel now
>>1078265
The bottom is $9/bbl for WTI. Do you not see the deflation death spiral? No current demand = no industrial output = no job growth =no fuel demand and so on.
This is similar to 1986. All the traders including dear Andy say it isn't but look at how much money they've lost thinking it's not like 1986.
The only thing raising the price of WTI and Brent are unfounded rumors every 10 days or so. If that is the case, next Tuesday will be interesting.
the economy should do well with such low priced energy
>>1078372
The economy is doing poorly because of low priced energy.
Energy prices are similar to interest rates in that really high interest rates (Remember overnight prime at 19% in 1980???) are bad for all and really low interest rates mean economic things are really, really bad.
It's the same for the level of energy prices.
Airlines and SUV makers have done well recently. So there's that.
