Word on the Pits

Friday, October 9, 2009

"The global economy is so ghastly that there have to be further declines. We could see oil prices between $10 and $20 a barrel. It's going to be ugly," said Verleger, a professor at the University of Calgary's Haskayne School of Business.

"I don't think it has bottomed out yet," said John Kingston, global director of oil for Platts, an energy information company.

"We might test $50 a barrel and maybe get to $55 a barrel, but it won't last, OPEC and Russia will do all they can to keep oil above $40, but I still think that $35-a-barrel oil is the longer-term target." Phil Flynn, vice president and senior market analyst for Alaron Trading Corp. in Chicago

Oil traders are rather bearish but crude oil futures are moving up. Look for a test at 50 dollar a barrel today or tomorrow.

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