Crude oil prices: Love or beggar thy neighbor?

A drilling rig in the Gulf of Mexico - AFP/Getty Images

"So, crude oil prices are unlikely to hit $200 per barrel any time soon. But what will oil prices be over the next several years? From my perspective, prices will likely average around US$40 or around US$80 per barrel, depending upon the political and economic fall out from the global financial crisis." Vincent Lauerman, Financial Post

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Experts sure oil will go to $150 or $50

Ted Rhodes/Canwest News - Service Lights glitter as the sun sets on Syncrude's upgrader plant at the oil sands project north of Fort McMurray.

CALGARY - "Is the bank bailout a boost or a drag for oil prices? Depends whom one asks -- and on one's time horizon." Claudia Cattaneo, Calgary Bureau Chief, Financial Post, With Files From Bloomberg News






This clears things up nicely.

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Oil price of $100 a barrel on horizon

"Oil prices sank to a five-month low of just more than $105 a barrel on Tuesday as traders turned their sights on signs that slower growth was spreading beyond the US into Europe, Japan and even emerging markets." Financial Times, By Javier Blas and Carola Hoyos in London and Michael Mackenzie in New York

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Daily Crude Oil Chart

We are seeing a real period of consolidation on the daily chart, and with the exception of Aug 21 and 22 we are stuck in a range around the 144 EMA.

It will be interesting to see what happens on the downside if the $111.50 low of Aug 15 is breached.

That would be pushing crude down to prices not seen since May.

Daily NYMEX Light Sweet Crude Oil Chart

Has oil price bubble popped or temporarily deflated?

The oil price predictions change as fast as the actual price of oil.

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