Thursday, October 23, 2008

Scott Bleier Predicts Oil will Fall to $50 a Barrel

Scott Bleier was right in mid-July when he said the commodity boom was going to go through a correction, and with that correction oil would fall to $100 a barrel.

He was wrong only in that it has fallen far below that, and now Scott says it'll fall as low as $50 a barrel. He could very well be right.

Forced liquidation of commodities by large funds, as well as decreased demand, could pressure it even lower than $50.

OPEC's upcoming emergency session where they're expected to decrease daily oil production by 1 million a day in order to stop the price plunge, probably won't have the desired effect, and oil will continue to fall.

No comments:

Post a Comment