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OCTOBER 27, 2008 OPEC Cut to Be Felt Eventually

The Organization of Petroleum Exporting Countries' move to pump less oil in the presence of shaky demand growth will result in higher prices -- eventually.

For now, the cartel's decision Friday to trim 1.5 million barrels a day from its output target won't put the brakes on oil prices' nose dive, analysts said. The reasons have to do with oil-supply dynamics and global financial markets.

smiler o--------sorry for the delay in responding but not been near a petrol station 'till today, in not so sunny Cornwall (just) 99.9 & 102.9, robbin' b's, but just across the border in Devon 94.9.
2517

Thanks 2517, and yes they are : )

Oil falls below $65 on US contraction
By STEPHEN WRIGHT 3 hours ago

BANGKOK, Thailand (AP) Oil prices slipped below $65 a barrel in Asia Friday, extending declines after data showed the U.S. economy contracted in the latest quarter, reinforcing expectations of a prolonged slump in demand.

Light, sweet crude for December delivery was down $1.44 to $64.52 a barrel in electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract overnight fell $1.54 to settle at $65.96. Oil prices have fallen about 55 percent since peaking above $147 a barrel in mid-July.

U.S. gross domestic product, the broadest barometer of a nation's economic health, shrank at a 0.3 percent annual rate in the July-September quarter, the Commerce Department said overnight. It marked the worst showing for the world's largest economy since it contracted at a 1.4 percent pace in the third quarter of 2001.

The negative cue provided by the U.S. data continued into Asian trade, compounding the pressure from a generally strong dollar, said David Moore, commodity strategist with Commonwealth Bank of Australia in Sydney.

Investors often buy commodities such as crude oil as an inflation hedge when the dollar weakens and sell those investments when the greenback rises. Oil investors have also been tracking equity indexes as a barometer of global economic health.

The euro eased to $1.2833 from $1.3181 in late Asian trade Thursday. The region's stock markets were mixed after a blistering rally the previous day with Hong Kong's Hang Seng index down 1.8 percent and South Korea's benchmark index up 1.5 percent.

"The dollar has been relatively firm and that has taken some of the edge off the market. There's also the other issues that have been in the market for a while such as worries about demand and consumption patterns," Moore said.

"A further fall in the oil price cannot be ruled out. It is difficult to predict where the bottom could be," he added. "An important factor over the next few months will be whether OPEC can achieve its output cuts. If it can that will certainly tighten market conditions."

Last week, the Organization of Petroleum Exporting Countries announced plans to cut 1.5 million barrels of production per day at an extraordinary meeting in Vienna called to address plummeting prices.

Venezuela's Oil Minister Rafael Ramirez says that OPEC, which controls about 40 percent of world crude oil production, will need to cut production at least another 1 million barrels per day to boost falling prices.

In other Nymex trading, heating oil fell 2.96 cents to $1.9545 a gallon and natural gas for December delivery was down 5.9 cents at $6.37 per 1,000 cubic feet.

In London, December Brent crude fell $1.41 to $62.30 a barrel on the ICE Futures exchange

Oil prices rise as confidence improves
From correspondents in Singapore

November 03, 2008 03:50pm

+ -WORLD oil prices were higher in Asian trade today, mirroring gains in equity markets on improved investors confidence, dealers said.
New York's main contract, light sweet crude for December delivery, advanced $US1.08 to $US68.89 a barrel from Friday's close of $US67.81 in the United States.

Brent North Sea crude for December delivery rose 60 cents to $US65.92 a barrel.

"Lately the oil markets have looked to the equity markets for implications to the macroeconomic outlook so there may be a bit of a bounce,'' said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz.

Mr Shum said prices were likely to trade within the $US60-$US70 range with more downside bias seen as longstanding worries about the global economy remained on investors' minds.

"Downward volatility is still greater than upward volatility at this point,'' said Mr Shum.

"There is still a lot of concern about the impact of economy deceleration on oil demand,'' he said.

"The US economy contracted at a 0.3 percent annualised pace in the third quarter as the global credit crunch saw consumers and businesses cut back on spending.

NEWS.com.au, 28 Oct 2008 Analysts say a weak economy in the United States, the world's biggest energy user, will result in lower oil consumption, which will pressure prices lower.

Meanwhile, OPEC chief Chakib Khelil said Sunday the recent oil production cuts taken by the cartel in an attempt to boost prices will take a while to have an impact on the market.

This decision "will take a long time to take hold'' because the demand for oil has still not reached OPEC's revised production level, Mr Khelil, who is also the Algerian Energy Minister, told local radio in Algiers.

At an emergency meeting in Vienna last month, the Organisation of the Petroleum Exporting Countries (OPEC) agreed to reduce output by 1.5 million barrels a day to 27.3 million bpd from yesterday in a bid to prevent prices falling further.

"A number of countries including Algeria, the United Arab Emirates, Iran and Nigeria, have already announced a decrease in production,'' Mr Khelil added.

Oil prices have more than halved since reaching record highs above $US147 in July as investors grew increasingly worried about energy demand amid a deteriorating economic environment.

HOW FAR DO YOU SEE OIL FALLING TOO.

IMHO I dont think it will drop to far from what it is now (60$) it may well steady up around the 60 to 50 mark ? give or take 5/10$ we will see ?? Still I dont think it will take much for it to go the other way next year ?

'Fair oil price $US70 to $US90 a barrel'
AdvertisementEmail Print Normal font Large font November 3, 2008 - 7:04AM


Qatar's Prime Minister Sheikh Hamad bin Jassem bin Jabr al-Thani said he believed that between $70 and $90 would be a fair oil price for a barrel of oil.

He was speaking at a news conference after talks with British Prime Minister Gordon Brown, who is touring the oil-rich Gulf trying to attract extra funding for the International Monetary Fund (IMF).

"The price level we think is a fair is $70 to $90 price," he said, speaking in English.

"We wish that we had fixed price but that's a market... High prices affecting the economy and low prices affecting the economy, so it's very important to think about prices that can be workable for both sides."

Qatar belongs to the Organisation of the Petroleum Exporting Countries (OPEC), which clashed with Brown over the cartel's decision to cut oil production at an emergency meeting last month in a bid to buoy up prices.

Brown again said during the news conference that he wants "a stable energy market," adding: "It's not a question of interest in a high price or a low price".

Qatar's Energy Minister Abdullah bin Hamad al-Attiyah last week stridently rebuffed criticism from countries including Britain over the oil production cut.

He said they could not label OPEC as "the bad boy" for taking such action without suggesting an alternative.

Oil rises as Saudis turn off taps

By Upstream staff


Oil rose above $64 today, after industry sources said Saudi Arabia had already made substantial cuts in supplies and helped the market recoup earlier losses.


Saudi Arabia, the world's biggest oil exporter, has reduced exports by around 900,000 barrels per day from a peak in August, one source said.

US light crude for December delivery was up 69 cents at $64.60 a barrel by 7:07 a.m. EDT. It had touched a session low earlier of $62.25. Oil suffered its biggest monthly drop ever in October.

London Brent crude was up 42 cents at $60.90 a barrel. Earlier Brent had touched a 20-month low of $58.38 a barrel.

"Saudi Arabia cutting supplies could be supportive," Christopher Bellew at Bache Commodities told Reuters.

"But it could also be bearish, pointing to reduced demand from customers."

Earlier, the market had fallen more than a dollar, pressured partly by expectations that oil refiners will have to cut output because of weak demand for fuel.

All markets were awaiting the outcome of the US presidential election.

Saudi Arabia's supply cut eases doubts about whether the world's top exporter would comply quickly with a 1.5 million bpd output cut agreed by Opec in Vienna last month.

Other Opec members have also cut back.

The United Arab Emirates has reduced its production to around 2.3 million bpd from around 2.5 million bpd, a top state oil company official said today.

Qatar has cut exports to Asia by about 40,000 bpd from this month, Energy Minister Abdullah al-Attiyah told Reuters.

Crude oil has plummeted from a record above $147 a barrel in July as the credit crisis in the global banking sector has started to hit the wider economy. This has already dampened fuel consumption in the US, the world's top oil consumer, and other major consumer nations.

US car sales plunged 32% in October to lows unseen in a quarter century, while US factory activity - a barometer for future oil demand - fell to its lowest in 26 years.

Oil holds above $60 on weak dlr; demand fears linger
Fri 7 Nov 2008, 8:18 GMT

By Fayen Wong

PERTH (Reuters) - Oil hovered above $60 a barrel on Friday, as support from a weakening U.S. dollar was countered by an increasingly gloomy economic outlook that weighed on near-term energy demand.

Comments by OPEC-member Libya that the oil-producing cartel was not considering cutting production again also kept the commodity at a 1- year low.

U.S. light crude for December delivery fell 9 cents to $60.68 a barrel by 0702 GMT, having earlier fallen to $59.97, its lowest since March 22, 2007. London Brent Crude shed 18 cents to $57.25 a barrel.

"The pullback in the U.S. dollar is a key driver for oil's gains," said Toby Hassall, chief analyst at Commodities Warrants Australia in Sydney.

"But a weak global demand outlook will continue to be the primary driver in oil market. With the U.S. non-farm payroll expected to be abysmal, there is nothing much on the demand side that can lift prices."

The dollar extended losses against the Japanese currency on Friday, falling more than 1 yen from the day's highs on risk aversion.

Oil prices have tumbled more than 9 percent this week, as a raft of dismal economic data from the United States heightened worries about a protracted global recession and growing U.S. fuel stockpiles underscored slackening energy demand.

The International Monetary Fund said on Thursday it expected 2009 global economic growth of 2.2 percent, down 0.8 percentage points from its October forecast. It also cut its 2009 baseline oil price projection to $68 a barrel from $100.

Asian stocks fell on Friday on fears of a global recession, as layoffs and corporate profit warnings piled up in the face of a slowing global economy.

Traders will be looking towards U.S. economic indicators due later on Friday, including government reports on October unemployment data and September wholesale inventories, to gauge how the world's largest economy is faring.

OPEC NOT CONSIDERING MORE CUTS

OPEC is not actively considering cutting production again as oil markets are still volatile, but the group could opt to meet before its next scheduled meeting in December, Libya's top oil official said on Friday.

Shokri Ghanem also warned that continued low oil prices could force companies to cancel new projects, risking a shortage of oil in two years.

In about three months, oil prices have plummetted nearly $90 from record highs above $147 a barrel, as the worsening global economic crisis erodes energy demand in the United States, the world's largest energy consumer, and other industrialised nations.

Slowing demand and the sharp price declines drove the Organization of the Petroleum Exporting Countries to agree to cut output by 1.5 million barrels per day (bpd) at an emergency meeting last month.

OPEC's seaborne oil exports, excluding Angola and Ecuador, will drop 310,000 bpd in the four weeks to November 22 and will have fallen 700,000 bpd from an August supply peak, an oil analyst who tracks future flows said.

Opec could cut supply again
Wire services

Opec will cut oil output again if the trend towards lower prices and slowing demand growth are unchanged when the group meets in December, Iran's Opec Governor Mohammad Ali Khatibi said yesterday.

The credit crisis and economic slowdown could shave as much as 3 million barrels per day (bpd) from global crude demand, Khatibi told Reuters.

"If everything is the same and the trends continue like this then Opec will have to do something," Khatibi said in an interview by telephone.

"We have to balance the market. Recent indications are that demand could have fallen by 2 to 3 million barrels per day. Stocks are rising."

Oil dipped below $60 a barrel last week, the lowest since March 2007, and has tumbled nearly 60% from its July peak over $147.

Opec agreed at an emergency meeting on Oct. 24 to chop production by 1.5 million bpd, or around 5%, to halt the price slide, but the cut has had little effect to date.

Opec President Chakib Khelil said on Saturday the producer group would probably move to cut again at its December meeting if prices stayed low and members had fully met their existing pledges to reduce supply.

Some members of Opec would propose at the December meeting that the group look to maintain prices within a $20 range, Khatibi said.

That range could be either $70 to $90 per barrel or $80 to $100 per barrel, he added, declining to name the countries that would propose or support the price band or to say if Iran would support it.

Venezuela's oil minister said last month it would propose Opec adopt one of those two price bands. Venezuela has already proposed a further cut of another 1 million bpd in Opec supply at the December meeting.

Current prices were too low to encourage investment in unconventional oil projects such as oil sands and in expensive conventional oil projects in the deep sea, Khatibi said.

"In the short-term the crisis is affecting demand," Khatibi said. "But in the medium term this will affect supply. We need a price that will ensure we build capacity today to meet tomorrow's demand."

Iran's plans to expand output were unaffected as it had neither deep sea nor unconventional projects, he said. "But if this continues, it will affect all producers, and Iran will be no exception".

Oil companies are already reconsidering some projects that looked profitable when oil was higher.

Iran, the world's fourth-largest oil producer, has cut around 200,000 bpd from output of around 4.04 million bpd in line with Opec's October agreement, an Iranian oil official said on Friday.

World needs to tap oil reserves more quickly-IEAReuters, Wednesday November 12 2008

By Jane Merriman
LONDON, Nov 12 (Reuters) - The world is not about to run out of oil, but there is a risk its reserves may not be exploited fast enough to meet global demand growth in the years ahead, the International Energy Agency said on Wednesday.
The agency's World Energy Outlook for 2008 stopped short of sounding the alarm that oil supplies may have peaked, but highlighted obstacles to accessing new fields that include the increasing dominance of national oil companies.
"Some 30 million barrels per day of new capacity is needed by 2015," said the IEA, which advises industrialised countries.
"There remains a real risk that under-investment will cause an oil-supply crunch in that timeframe."
The IEA estimated the world needs investment of more than $26 trillion in the next 20 years to ensure adequate energy supplies, an increase of more than $4 trillion from estimates in its 2007 World Energy Outlook.
The Executive Summary of its latest Outlook was released last week ahead of the full report.
In oil, upstream investment spending has risen in nominal terms, but much of the increase was due to high costs and also because cheaper reserves were off-limits to international oil companies.
"Today, most capital goes to exploring for and developing high-cost reserves, partly because of limitations on international oil company access to the cheapest resources."
The gap between what was being built in terms of new capacity and what would be needed to keep pace with demand was set to widen sharply after 2010, the IEA said.
The IEA's projections pointed to a rise in world oil supply to 106 million barrels per day (bpd) in 2030 from 84 million bpd in 2007.
NON-OPEC PEAK
Most of the increase would come from members of the Organization of the Petroleum Exporting Countries, whose share of world oil output was projected to rise to 51 percent in 2030 from 44 percent in 2007.
Outside OPEC, production has already peaked in most countries and would peak in most others before 2030.
The need to invest enough to ensure supply meets demand has been a recurrent theme in the IEA's annual outlook.
The 2008 report highlighted again the urgent need for investment, but also shifted the focus to dwindling reserves.
It looked at decline rates for 800 of the world's oilfields, where it expected the average rate of decline to increase to 8.6 percent in 2030 from about 6.7 percent currently for those that have passed their production peak.
Given the high cost of bringing on new output and the struggle to match supplies with demand, the IEA assumed consumers would pay an average of $100 a barrel for oil over the next seven years and more beyond that.
The agency was careful not to predict prices, but makes price assumptions in its assessments.
Oil reached a record peak of more than $147 a barrel in July, but has fallen back below $60, a drop of more than 50 percent in just over three months.
The IEA saw more price volatility ahead.
"Pronounced short-term swings in prices are likely to remain the norm," the IEA said.
"The sudden drop in oil prices in August and early September 2008 - in the absence of any obvious major shift in demand or supply - lends support to the argument that financial investors have been playing a significant role in amplifying the impact of tighter market fundamentals on prices."
The report's projections for world oil demand were for a 1 percent increase per year on average, to 106 million bpd in 2030 from 85 million bpd in 2007.
World energy demand was expected to grow by 1.6 percent per year on average, with China, the world's second biggest energy consumer, together with India, accounting for just over half the increase.

Tuesday November 18, 2008 Oil will continue to dominate energy field for decades
TAN TENG-HAI

Oil will continue to play a major part in meeting the energy needs of the world to 2030 and beyond, according to the projection of the International Energy Agency (IEA).


The IEA estimates that meeting its forecast will require around $3 trillion worth of global investment in finding, producing, transporting and refining the oil required by 2030.


The global production of crude oil will not peak before 2030, if necessary investment is made in exploration and production.


Nearly $500 billion in investment includes refining but excludes investment in tighter fuel specifications, which has absorbed most of the refinery investment in Europe over the last decade.


Meeting tighter product specifications requires refiners either to use more expensive low-sulphur crude or to invest in new hydrofining units to reduce sulphur content in product. The units needed are major investments and take several years to plan and build.


At the same time, the changing expectations in refining globally have resulted in a strong push for cleaner fuels, biofuels and carbon dioxide emission reductions.


More clean-refiners have to adapt for operational excellence, giving due consideration to the complexity and scale of any new expansion or construction. This desire is tempered, however, by concerns about crude oil supply, quality and cost of production.


At Shell Global Solutions, we believe that conventional crude resources are not in imminent danger of running out. There are sufficient reserves to last for 40 to 100 years, given new technology to extend recoverable oil reserves and "yet to be found" oil.


We also feel there is the potential to recover unconventional reserves, such as heavy oils and oil sands. Output of liquid fuels will be supplemented by gas-to-liquids technologies, which convert stranded gas from remote areas into transport fuels.


Closure of refineries will exacerbate any shortage as it will affect the supply side. Refineries will also have to process different crude oils. Initially, other low-sulphur crudes may be used, but over time the crude oils available will become heavier and sourer (i.e. containing more sulphur) and low-sulphur crude will carry an even greater premium. Hence, refineries will have to adapt processing to serve that trend.


By 2030, there will be fewer oil-producing nations than today, and Opec countries will supply half of the world's oil needs. Consequently inter-regional trade in oil will double to 65 million barrels a day by 2030.


As we struggle to understand the increases in margins and differentials, we have to ask: What changed? World refining utilisation has gone up 2% from 2003 to an average of 86.3% worldwide.


The exceptional margins result from four drivers: strong demand, nearly full utilisation rates of refineries, length in global fuel oil supplies and high oil prices.


Most of the refinery expansions being announced are in the strong-demand regions of Asia and the Middle East. In Europe and the US, the focus is more on using heavy feedstocks, adjusting the product mix, and improving cost efficiency. More expansions are planned for the end of the five-year period.


There is an increased interest in achieving top-quartile performance. A refiner can invest to improve reliability, energy cost and other operational factors to achieve improved competitive cost structures. The improvement will lift the refiner's income, as energy cost is tied to crude price, and returns on reliability and operational improvements are margin-dependent.


Three factors have been influencing them to increase capacity, including the need to boost profitability, widen the price gap between light and heavy products, and increased cash and personnel availability as companies finish their low-sulphur fuel investments.


In Asia and the Middle East, state-owned companies mostly hold the majority of refining assets. These companies have expressed a strong need for new capacity and believe that the current tight capacity situation will ensure higher margins. The Middle East refiners also see that they can improve the value they receive from their heavy crude by refining it themselves.


On the question of over-expansion, in general the boom will drop utilisation regionally, and Asia and Middle East are at highest risk of over-expansion. Other regions, given their slow demand, will keep their expansions to a minimum. Yet, in the next few years, prior to that capacity coming online, refining capacity will remain tight since new construction will take more than five years.


Tan Teng-Hai is regional manager for consultancy at Shell Global Solutions East.

Oil Rises a Second Day on Speculation OPEC Will Prevent Glut

By Gavin Evans and Christian Schmollinger

Nov. 24 (Bloomberg) -- Crude oil rose for a second day in New York on speculation further production cuts by the Organization of Petroleum Exporting Countries will prevent a glut in supplies.

Slowing global demand has left a 1 million-barrel-a-day oversupply that needs to be removed by the year-end, Venezuela's Oil Minister Rafael Ramirez said yesterday. Prices below $50 a barrel risk stalling new developments by smaller oil companies, Total SA Chief Executive Officer Christophe de Margerie said.

``The market now sees that OPEC is more likely to cut production,'' said Clarence Chu, a trader with options dealer Hudson Capital Energy in Singapore. ``To be effective, it must be a 1.5 million-barrel-a-day cut or more. Even 1 million won't be enough because the sentiment has been so bearish.''

Crude oil for January delivery rose as much as $1.41, or 2.8 percent, to $51.34 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $50.32 a barrel at 3:29 p.m. in Singapore. Prices are down 66 percent from the record $147.27 a barrel on July 11.

Oil gained 1 percent to $49.93 a barrel on Nov. 21, the first increase in six days, as a report forecast a 3.8 percent decline in OPEC shipments this month and the Standard & Poor's 500 Index climbed from an 11-year low. Oil traded at a three-year low of $48.25 earlier that session.

OPEC ``have got to be pretty careful how they attempt to manipulate this,'' Mark Pervan, senior commodity strategist at Australia & New Zealand Banking Group Ltd. in Melbourne, said in a Bloomberg Television interview. ``There's some expectation they'll cut production further, but they're likely to look to the new year before assessing it again.''

Recession, OPEC

Brent crude oil for January settlement rose as much as 81 cents, or 1.7 percent, to $50 a barrel on London's ICE Futures Europe exchange today. It was at $49.50 a barrel at 3:27 p.m. in Singapore. The contract gained 2.3 percent to $49.19 on Nov. 21.

OPEC ``needs higher prices, so they will intervene,'' said Total's de Margerie during an interview on RTL radio and LCI television yesterday. He called an oil price below $50 a ``danger'' as it will curtail investment in new oil fields.

New York oil futures have fallen as the U.S., Japan and much of Europe slipped into recession, equity prices slumped and a rising U.S. currency reduced the appeal of dollar-priced commodities.

Heads of state from the 21-nation Asia-Pacific Economic Cooperation group, including the U.S., China and Japan, promised to act ``quickly and decisively'' to resolve the global economic crisis, without offering specific steps. The leaders issued their comments following a two-day summit in Lima.

Double Whammy

Oil ministers from the 13-nation OPEC group meet in Cairo on Nov. 29. Venezuela, OPEC's fifth-largest producer, will be seeking a 1 million-barrel-a-day cut and assurance that the 1.5 million-barrel reduction agreed on Oct. 24 is being implemented, Ramirez said.

OPEC's ``not having a lot of leverage on prices,'' ANZ's Pervan said. ``The large cutbacks we've seen in the last month or two really haven't impacted positively on prices. And I think they're concerned that as they cut production and prices fall, they're getting a double whammy on revenue.''

Oil inventories in the U.S., the world's largest consumer, are at their highest in six months after rising for eight straight weeks, according to Energy Department data. Reports tomorrow will probably show the world's largest economy contracted more than earlier forecast in the third quarter.

Of all commodities, oil is the most exposed to the U.S. economy, which is the ``epicenter'' of the global slowdown now under way, Pervan said. Prices may drop below $40 a barrel in the first quarter as the contraction continues, he said.

``As far as we can see, demand conditions are likely to get weaker before they get stronger in oil over the next six months,'' he said.

Tuesday, December 2, 2008, 14:02Oil rebounds after fall to 3-year lows


Oil pared losses today after an earlier fall to a new 3-1/2-year low below $48 a barrel, weighed down by heavy losses in global stock markets after confirmation that the United States was in recession.

But a rally in European shares and expectations of a bounce on Wall Street helped oil move up from its lows.

US light crude for January delivery was up 3 cents at $49.25 a barrel by 1pm. It earlier touched a new 3-1/2 year low of $47.36, its lowest since May 2005.

Prices had dropped nearly 10 per cent today. London Brent crude was up 5 cents at $48.02 a barrel after touching a low of $46.02, its lowest since February 2005.

"Today's equity market rebound is preventing oil from going lower," said Olivier Jakob, of consultancy Petromatrix.

"The equity market has been a main input for oil," he said. "Because the slowdown in oil demand is linked to the global economy - that's why the correlation is very strong."

Oil prices had tumbled today after Opec decided to wait until later this month to take more supply off the market to try to defend prices.

"Opec was the key reason for the sell-off at first and then the poor performance on equity markets helped it follow through," said Rob Laughlin, oil analyst at MF Global in London. A key economic research body found today that the United States economy had slipped into recession in December 2007.

The Organization of the Petroleum Exporting Countries is ready to cut production by a significant amount when it meets later this month in Algeria to try to shrink rapidly building stocks, Opec's secretary-general said yesterday.

thankyou

Nicked from the Hawk board over on another site. Good news for many O&G Co's

USA Oil Windfall Tax Shelved

"...The switch drew applause from industry. The judgment to withdraw the concept of a windfall profits tax is an important recognition that developing America's oil and natural gas would be seriously damaged by such a tax policy," said Lee Fuller, vice president of government relations for the Independent Petroleum Association of America, which represents independent oil and gas producers..."

Full article here:

http://www.reuters.com/article/vcCandidateFeed2/idUSTRE4B206W20081203

Oil now under $45 heading south?

Quite strange considering the markets have been quite buoyant and dollar weakening today must be close to the lower trendline now or is it a reverse blow-off!

Quite strange considering the markets have been quite buoyant and dollar weakening today must be close to the lower trendline now or is it a reverse blow-off!