Oil Markets

[SEIFER]

A very bearish technical view. Lets hope this is not July 08 all over again.

http://www.clivemaund.com/article.php?art_id=69

[dan_s]

OPEC has a lot more control over oil prices today. More accurately, Saudi Arabia has total control. IMO if oil dips below $70/bbl they will move to reduce supply. With the Gulf of Mexico shut down by Obama the non-OPEC supply has lost yet one more of its few areas with potential growth.

That said, oil prices are dependent on worldwide demand. The Global Economy is definitely on shaky ground. Demand from China and India continues to move higher making up for the lower demand in Europe.

Dan