Has oil hit a bottom?
Best Answer
304 points
BradOK answered one year ago …
MNSL, I think it will certainly help if oil falls, but I can't see that happening over the long term. Countries like China and India - who aren't feeling this crisis as much as the US is - will continue to boost demand (and in turn, prices) for commodities like oil. So while I'd be hard pressed to say that oil has "hit a bottom", I do think that over the next 2 - 3 years we will see dramatically higher oil prices again.
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3963 points
MNSL answered one year ago …
I do not think so. I think oil will go down to below $50.
This will help to lift the battered world economy in the medium term to long term.
Many industries will benefit and cost will come down drastically.. Even banking sector will have some business to do.
