Tuesday, November 11, 2008
Click to play in a new windowSchork noted:
The market works on emotions and fundamentals and both are still pointing to lower prices. We do know that we are in a recession and demand has pulled back greatly.In January of 2007, crude oil dipped as low as $52 a barrel at a time when the economic outlook was much, much different. Given the recent momentum, don't be surprised if Steve Forbes' call for $35 oil is eventually proved correct, albeit, only temporarily.
We did break the $60 psychological barrier today in New York. We certainly can break the $50 mark. We can see oil down in the $40 range before it is all said and done.