Are oil prices ‘crumbling’?
August 11th, 2008 at 01:22pm Thomas V. Bona
Oil is trading for around $113 a barrel, the lowest since early May. The market’s done some weird things lately - in the face of geopolitical things that used to give it fits (Russia v. Georgia, rebels damaging pipelines in Turkey, Iran … breathing the wrong way), it’s tried to rally but instead sees falling prices.
Phil Flynn says the oil market is crumbling. Global demand is dropping, and the other stuff that props up prices fades into the background. Flynn also notes that Chines oil imports were down 7 percent in July.
This bears watching. Can oil approach $100?
Entry Filed under: Fuel price musings
1 Comment Add your own
1. Bob Trojan | August 11th, 2008 at 1:54 pm
No wonder China’s oil demand is down…they shut factories and told car drivers to stop driving so the air could get cleaned up in time for the Olympics!
Maybe Saudi is increasing supply?
Maybe Americans are driving and flying less?
Maybe he traders are getting a closer look by Congress?
I’ll predict oil will be less than $100 come November Election Day. ’suppose that has anything to do with prices?
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