According to a Reuters poll of ten top oil-tracking analysts and organizations, oil demand is predicted to rise by 1.3 million barrels per day (bpd) next year to 85.9 million bpd. The expected demand increase in 2010 will be the first year to show average growth since 2007, before record prices and the economic crisis slashed consumption.
After Toyota annoucing its first ever operation loss in 70 years, crude oil price contine to fall on fear of weaker demand. Oil prices extended their sharp fall to drop further below $40 a barrel on Tuesday.
Do you think it is the time that the oil price should stop falling and rebound or do you think it will continue to fall?
Let’s check out what other is saying.
Crude oil price has been falling down since the high of USD147. At first, I thought it was just a correction and it will continue its up trend. I even heard a friend saying that an petroleum company forecast for the crude oil price to go up till as high as USD200. That will definitely hurt many people as the inflation can also go up as well.
How low will it go?
I observed a bullish engulfing formation on the crude oil price 2 days ago. Immediately after the formation, crude oil price made a 8 percent gain on Friday and registered a new record high. Will it cross the 140 mark? I believe so.
Look at the chart below, crude oil has resumed its uptrend in the [...]
I posted that crude oil price was trading at an attractive position yesterday and thought that we should monitor closely in order to ride the opportunity to Long crude oil.
I was reading on Yahoo Finance and I was shocked to see the headline "Oil prices near $130 on rate chatter ", wow, it rebounded. I [...]
The US dollars has been gaining some rising momentum in the last few days and crude oil has been easing from its record high price of USD135 last week. The crude oil price is trading at approx. US 123 on NYMEX now.
I was looking that crude oil trends using technical analysis today. It is trading [...]
