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Oil Price Drops Below $49 Mark

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posted on Nov, 5 2004 @ 08:24 AM
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Nov. 5, 2004
Associated Press
Houston Chronicle

Some more good news, crude oil is starting to drop!
The rise in crude was due to terror concerns around the globe, and now that the US elections have passed with no terrorist acts at all.

I will bet crude will drop like a rock over the next month!!!

VIENNA, AUSTRIA - Oil prices edged up today but remained near two-month lows below $49 a barrel, reflecting increased refining capacity in the Gulf of Mexico. Still, analysts said higher demand during the Northern Hemisphere's winter could soon result in an upward spike.

Crude for December delivery was at $48.94 in electronic trading on the New York Mercantile Exchange at midday in Europe, up 12 cents from its overnight close. Light crude had fallen $2.06 to $48.82 on Thursday, the first time it has settled below $49 since Sept. 24.

www.stevequayle.com...




posted on Nov, 5 2004 @ 08:26 AM
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Short term its good for the economy, but long term it will slow development of alternative sources. Plus the disrupted Gulf of Mexico should get back up after all the hurricanes etc.



posted on Nov, 5 2004 @ 09:05 AM
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Woooooooooooow!

Oil has dipped below $50 (like it did last week for a day or two) all hail the new dawn.

.....and the point of this nonsense is? Oil at well over $45barrel and staying there? Oil at well over $35barrel and unlikely to ever go back below it?

What?




posted on Nov, 5 2004 @ 09:51 AM
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I wouldn't get too excited about a sustained fall in the price of oil. This was simply a profit taking exercise by funds prior to the election. It is a no brainer to go long commodities and short the dollar. Stay on target for $65 per barrell.



posted on Nov, 5 2004 @ 10:53 AM
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Originally posted by mrdependable
I wouldn't get too excited about a sustained fall in the price of oil.


- What "sustained" fall?

It is now (today 5/11 @ 4.55pm GMT) back above $49.


It is a no brainer to go long commodities and short the dollar.


- Yup, $ falls = higher $ price. Duuuuh.


Stay on target for $65 per barrell.


- Sadly I think so.



[edit on 5-11-2004 by sminkeypinkey]



posted on Nov, 5 2004 @ 12:00 PM
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Pinkey although the dollar may appear to move inversely with commodity prices this is always not so. You must keep an eye on commodities in terms of chf to gage the real price action. Same with every other US dollar denominated asset. Commodity prices and the dollar can and do move in the same direction.

When I said don't get too excited about a sustained fall I meant the possibility of a sustained fall as the original poster predicted the price of oil to plummet next month.



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