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price of oil is now nearly 40 dollars. surely thats good for ftpo?

Fortune Oil is tipped as a buy in Investor's Chronicle this week.

any prediction for next week?

I would not be surprised to see 8p this week, rolling up to 10p steady in a months time. However, I have put the providential `kiss of death or stagnation` on a couple of stocks in recent weeks

do anyone spot any news this weekend?

I am sure Fortune Oil will go up in view of rising oil price.

Analysts reckon oil price will hit $50/barrel soon
AFX
$50/barrel could be reached within weeks, says analysts to Sunday Times


Analysts warn oil prices, which reached a near 14-year high of 40 usd a barrel on Friday, could hit 50 usd in the coming weeks, said the Sunday Times newspaper.

'Fifty dollars a barrel is perfectly possible if we get the wrong sort of headlines from the Middle East,' the paper quoted Kevin Norrish, an analyst at Barclays Capital, as saying.

In the UK, petrol prices topped 80 pence a litre last week and rising crude prices, together with widening refinery margins, are widely expected to push up prices further.

The Bank of England, which publishes its quarterly inflation report this week, will say dearer oil and commodities are likely to push UK inflation towards its 2 pct target, said the paper. Economists expect the Bank, which raised the base rate from 4 pct to 4.25 pct on Thursday, to signal that further increases will be needed to keep inflation on track.

not rise??/

OPEC to increase production, how will this effect fortune oil's share price

Correction..... hlyeo98

Investors Chronical said Fortune is "Good Value" not "A Buy"

Major oil stocks have been hit just as hard as any other today!

Its all down to concerns about the expected interest rate rise in the US, probably in June and mounting concerns about the situation in the Middle East reducing oil supplies, just as the annual summer demand for petrol, (particularly in the States) is due to go up..... (compounding the shortage).

Its the overall affect on world economy that's driving the market down, outweighing any positive-ness oil stocks might have gained from the increase in the price of Oil.....

I think it just confirms what has been said on this board already, that we are in for a bumpy ride until something more positive comes along.

In the mean time it does present some ideal buying opportunities especially if its a good drop.....

I've gained more by buying during such drops than buying when a share is already in flight..... (in-fact I look at the "Highest Percentage Losers" list far more often than the "Highest % Gainers" list for this very reason)......

It takes some guts to do it sometimes but its useful to bear in mind a dramatic drop is often "Overdone" and is well worth buying, especially if its down to sentiment rather than bad news..

John

Rothschilds Pigeon,
Agree with general premise but in this case do you think we might still be seeing a bit of market revenge over the undelivered promise of the blue-sky deal? Would like to see a contra-market flat before I look again.
Regards
SC

SC
In my opinion the undelivered promise of the Bluesky deal had already taken place and factored in prior to yesturdays (Mondays) fall......

Theres no doubt in my mind the fall was entirely due to that which affected "The whole worlds" markets yesturday.

Regards John

Rothschilds Pigeon,
Wouldn't disagree with you, and to some extent I believe today's showing supports your proposal. My point was that I like to see some original response from a stock, not purely a market sheep reaction, as there has often been a bad smell which lingers after such an event that outlasts the initial sharp reaction, and it is not unusual for a non-sheep response to mark the end of this phase.
Regards
SC

on the up again today . i think people are realising this is a good buying opportunity .ic tipped fto as a speculative buy while shares are saying sell . nobody seems sure but its worth a punt in my opinion . upside could be good.

I think we should be on a winner here

me 2

i know the bluesky hold-up is a pain,but surely it will go through ok. the results were good, were`nt they?.can anyone tell me why they are not moving,the FT website has tipped them as a buy for ages.i`m still keeping mine and hoping

dexter

volume starting to rise a bit a little MM action as well anyone still watching im holding quite a few expecting a rise as we go into july

still watching. likewise, would like to see us the other side of 7p!