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What do charts show for short-term oil price?

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posted on Apr, 29 2006 @ 08:23 AM
The price seems to have stabilised around 71.85 or thereabout. Is there a fib support around there and are we about to see a rebound? Or further downside?

Some are predicting a fall to 68.00 or lower. Your input would be appreciated.

Thanks in advance.

posted on Apr, 30 2006 @ 10:32 PM
baring any political strife or hurricane damage it will probably stay where it is till novenber.

but since hurricane season is comming up in a month then I would peg it at 85 by august, with a normal season. maybe 95 with similar storms like last year

so if you were to bet on this and buy crude futures now would be a good time to risk say 10k to 20k. you could probably make twice that if we have 1 good storm pass through the gulf

[edit on 30-4-2006 by bigx01]

posted on Apr, 30 2006 @ 10:37 PM
Or if you take U.S. Energy Secretary Sam Bodman opinion high prices could last for 3 years.

Acknowledging the energy situation is a "crisis," U.S. Energy Secretary Sam Bodman said Sunday it could take three years before drivers get relief from high gas prices.

"The suppliers have lost control of the market and therefore, demand exceeds supply," Bodman said.

I don't look for them to drop at all. Maybe stabalize for a while, then rise again.

posted on Apr, 30 2006 @ 10:40 PM
maybe, but since the price is set by trading futures then speculators have driven up the price higher than it should be.

it's similar to when the hunt brothers ran the price of silver up.

posted on May, 4 2006 @ 10:34 PM
while bush is in power it will continue to rise, and i think someone mentioned this already, but some experts are betting on high prices for the next three years, which would be about the time bush's ass is out of office,

so while Bush who has Oil ties and Rice who has Oil ties, things going to be very exspensive for awhile

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