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Crazy Jim Smith's Blog

Oil Slides To US$56

Oil Chart

The beginning of this article says it all.

The price of oil sank by more than $2 a barrel Thursday, settling at its lowest level in a year as traders focused on the bearish aspects of conflicting market trends. OPEC is cutting output, but the U.S. economy is slowing; winter is near, but the country has an abundance of home heating fuels.

As the story says, oil is at a new low for the year, which for me is a big surprise. I have been expecting a rise and if and when OPEC decides to make further cuts then oil should rise.

Published Thursday, November 16, 2006 9:21 PM by crazyjimsmith
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The above content is provided for educational and informational purposes only, does not constitute a recommendation to enter in any securities transactions or to engage in any of the investment strategies presented in such content, and does not represent the opinions of Zecco or its employees.


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Crazy Jim Smith's Blog
I live in Sydney Australia and most of the time I focus on the Australian stock market. I have a knack of identifying trading opportunities so if I see something I will blog about it.

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