Dollar goes up; oil prices go down

Oil prices tumbled more than $2 a barrel Tuesday, finishing at their lowest level in seven weeks as a stronger dollar and beliefs that record prices are eroding the world's thirst for energy sparked another dramatic sell-off.

The drop which surpassed $4 a barrel at one point during the day was a throwback to oil's nose dive over the past two weeks and outweighed supply concerns touched off by a militant attack Monday on two Nigerian crude pipelines. It was oil's seventh decline in the last 10 sessions.

YOU AGAIN BAYLIS

time to take some profit

NOT A GOOD IDEAR

GOING TO 59 DOLLARS

60 DOLLARS NEXT

Oil demand may fall for the first time in 15 years this year as the worst financial crisis in decades tips economies into recession, according to the Centre for Global Energy Studies, a London-based consulting company.

So oil damend 'may fall'.

The way this is going you would think nobody at all will want oil soon, that it is next to useless.
What rubbish.

GOING TO 68 DOLLARS

just sold out.

The issue, IMHO is that OIL is an easily traded short....or whatever other mechanism you choose. That it varies with demand and supply is bad enough because at least one of these can be manipulated - namely supply, eg by OPEC - indeed they are meeting to restrict supply, although I understand this isn't technically all that easy, so perhaps it is the threat of restriction that has the effect of making high-users ( like airlines, shipping etc) buy-forward, hence "nailing" their price.
-The rest of us expect Oil to rise a little* - - -- but have the manipulators gone forever? I suspect so, since when OIL was driven high ( mid-2008) there was a general feeling that sub-prime only affected a dfew businesses in Wall Street and not your averge consumer in the rest of the World.
-This is now obviously wrong! So there is an expectation thet Oil-consumption will reduce as folk restrict journeys and maybe turn-down their heating, etc. etc.


The variation in US-economy is another angle on oil - as is the move by America to reduce their oil-imports . . . . although how you can cut somethinig they enjoy is hard for me to understand.

Well, that's off my chest, now the dark room . . . and injections nurse.



*Note that in the UK the price at the pump is largely Tax, so the change will be quite small.

KEEP IT UP" HANGOVER"

OCTOBER 27, 2008 OPEC Cut to Be Felt Eventually

The Organization of Petroleum Exporting Countries' move to pump less oil in the presence of shakey 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.

OILS GOING UNDER 60 DOLLARS A BARREL

HOW LONG WILL THIS GO ON?

Oil prices continued to slide, to near $55 a barrel. BOO

WHEN WILL IT END.

WHAT A GREAT DAY.

Yes XST, but watch out for those Opec boys )-:

86 DOLLARS