Quote:
Originally Posted by calgarygeologist
Damn, I haven't paid attention to the oil price in quite a while but based on gasoline still sitting at ~$1.45 I would have assumed oil was still a healthy $85 or so.
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It was $75 two days ago - the market just decided we're having a recession again and bid the price down. And it was $83 in the middle of April.
Also, the US released two million barrels from their Strategic Petroleum Reserve last week and commercial inventories are coming down as well. So the recent drop appears to me to be more based on fear/emotion than supply/demand fundamentals.
Of course, if I could consistently predict oil prices I'd be typing this from my private island not my office in Calgary, so take that for what it's worth...