crude oil down

[clear]

Just noticed crude oil is dropping (down $3.31 in the last 2 hours), what's going on.

 

[Altima]

OPEC has decided to let production output remain unchanged. Means there will be a surplus.

http://rt.com/business/209507-opec-oil-production-cut/

 

[clear]

still dropping ($ 3.86 down) under $ 70 now.

 

[clear]

down again ($ 5.60 )

 

[TreasureHunter]

Around 73-75 $ today on different markets.

My guess: this will drag gold and silver down.

I see the cheap oil price as an opportunity. Kiyosaki would say "it's on discount".

I think the commodities will continue to sink for a while. We also have deflation and the Russia-West crisis.
This window of opportunity could be great for buying commodities. Like silver and gold.

 

[Caput Lupinum]

My guess: this will drag gold and silver down.

I concur, so long as low inflation - deflation figures are an issue then most commodity prices will see a fall in price including gold and silver and apart from cheap money from QE I can't see anything to suggest there is going to be turnaround anytime soon. Economists who are pushing the "lower oil prices will give consumers more disposible income due to lower gas prices" angle are not giving the full story about the effect deflation has on the economy as a whole i.e higher unemployment figure means there's more people who can't afford to fill their car regardless of how low oil prices are or they have already sold their car to pay for necessities such as paying bills and buying food.

 

[TreasureHunter]

Gas prices are not going down. Plane tickets aren't getting any cheaper either.

This is unfair, but the prices don't propagate to the end consumer.

 

[errol43]

IMO It indicates that if the consumption of oil is dropping, so will the price> Is it because the whole world is in a Recession? The indication of the whole economy is IMO MEASURED by the total consumption of oil. High = good economic growth Low = low economic growth.

Regards Errol 43

 

[Altima]

OPEC Policy Ensures U.S. Shale Crash, Russian Tycoon Says

OPEC policy on crude production will ensure a crash in the U.S. shale industry, a Russian oil tycoon said.

The Organization of Petroleum Exporting Countries kept output targets unchanged at a meeting in Vienna today even after this year's slump in the oil price caused by surging supply from U.S shale fields.

Source: http://www.bloomberg.com/news/2014-...-u-s-shale-crash-russian-oil-tycoon-says.html

 

[Caput Lupinum]

The commodities futures markets are getting smashed today

http://www.investing.com/commodities/

You can almost taste the fear

 

[clear]

crude oil down again $ 65.99

 

[TheEnd]

Gas prices are not going down. Plane tickets aren't getting any cheaper either.

This is unfair, but the prices don't propagate to the end consumer.

Yes they are I have seen petrol in Melbourne down to $1.23 per litre and even LPG is slowly dropping also. Excellent to see it dropping just before xmas to give consumers some exrta money for xmas shopping.

 

[clear]

US$ 59.04 and dropping

 

[TheEnd]

US$ 59.04 and dropping

Gees wots going on over there to make it go that low?

 

[Court Jester]

US$ 59.04 and dropping

Gees wots going on over there to make it go that low?

USA are trying to force the Oil price down to hurt Russia,preparing for the invasion the USA will launch at some time in teh future

and have you gotten a job yet?

 

[Altima]

Breached 60 USD!

 

[TheEnd]

US$ 59.04 and dropping

Gees wots going on over there to make it go that low?

USA are trying to force the Oil price down to hurt Russia,preparing for the invasion the USA will launch at some time in teh future

and have you gotten a job yet?

Went for two interviews this week.....Will find out early next week.

 

[clear]

$ 55.41

 

[clear]

$ 54.17

 

[errol43]

The shale oil industry in the USA will go broke before the Russians.

Regards Errol 43