Do you guys think Oil has bottomed out now?
Answers
2222 points
readytoretire answered one year ago …
Fairly close. That said, a 10% movewouldn't surprise me. I think it will stay below 55 for at least 6 months. Once the economy starts recovering, the price of oil will go back up fairly fast.
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3963 points
MNSL answered one year ago …
I think oil will go below $40. Gold will go below $500 sooner than later.
Sometimes it can go below $35.
Oil will stay below $40 for the next 06 months and we will see depressed oil market for the next 02 years due to demand destruction and other factors.
Most assets such as Gold and Oil are not cheap now.
474 points
spider348 answered one year ago …
The trend is your friend. Until buying volume returns and stays, it is still going down. USO
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216 points
jrj90620 answered one year ago …
Yes.Oil is valued in U.S. Dollar terms and it takes real work to produce oil and none to produce Dollars.The huge increase in Dollars will cause the Dollar price of oil to rise.I've noticed a big increase in driving here in So California since the price of gas dropped 60%.This won't/can't continue.
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BoxCar answered one year ago …
On "60minutes" 7Dec the Saudi oil minister said OPEC wants to stabilize oil @$75
They showed their control center and infrastructure used to manage their reserves.
Their new technology of horizontal drilling means they can access more reserves.
This means what everyone thot was artificial inflation of oil reserves is probably true,
so speculation that drove oil thru the roof had no basis in fact as altho we are past
the era of Cheap Oil, what we thot was Peak Oil for OPEC is not substantiated.
So Supply and Demand will have to duke it out to set the price of Oil and as long
as economy is going downhill demand destruction should win out. Remember Oil is
not just Fuel, our world is built from Plastics & Synthetics derived from Oil Also I've
noted Trucks in USA are now using governor speed limiters to cut consumption 40%
