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$OIL is looking oversold -- what do you think?
Best Answer
160 points
Einstein answered one year ago …
well Iran is getting pretty fired up
and rumors are flying around a few months ago from the Pentagon that Israel may Strike before Bush leaves office
This is due to the fact Israel does not trust Obama will back them. If this happens OIL will jump fast.......
Answers
160 points
Einstein answered one year ago …
Also another way oil could jump is when Obama comes into Office and reverses the Off Shore Drilling BAN
THEN THE OVER ALL PHYSIOLOGICAL FEEL IN THE MARKET COULD JUMP OIL SKY HIGH
3963 points
MNSL answered one year ago …
There are different opinions among investors and analysts. Some expect oil to stay below $70. Some below $40 and some around $80. Now those who were bullish are predicting a bear market for oil as well.
Factors to watch:
Now IEA) slashed its 2009 oil price forecast to 80 dollars from 110 dollars on Thursday.
Recently many oil reports became worthless .Oil analysts could not produce expected oil results that they expected at the end of 2008 except few. Instead of oil going to $200 it coming back to $35 level now.
Some said oil will stay below $70 until 2015. I think oil will stay below $50 in 2009 due to so many factors.
We will have bearish commodity market until end of 2010. We can see next direction at the end of 2010.
