Schlumberger CEO commented about the weakening state of the global oil and natural gas industry, reporting a lower fourth-quarter profit, additional layoffs and a glum forecast for the rest of 2009.
“The biggest difference I see from both the mid-'80s as well as ’97, ’98, is the speed with which everybody is reacting,” Schlumberger CEO commented during a conference call.
“These cycles are getting much sharper in their amplitude and shorter in their duration, but of course that depends on the general economy.”
Oil has rebounded late Friday and the most recent price action suggest that a bottom in oil prices might be formed. When trading oil futures, oil stocks or ETF`s like USO, DBO, DXO or OIL look for the lowest comissions. Low round trip comissions are key to profitable trading.
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