Crude Oil Futures dipped below 40 dollars a barrel for the first time in more than four years. Today the API said supplies climbed for the 11th time in 12 weeks.
OPEC Cut, But Oil Falls
“They are facing the distinct possibility of oil falling to 30 dollars a barrel and even lower,” said Addison Armstrong, director of market research for Tradition Energy in Stamford, Connecticut.
“The OPEC announcement looks big on first glance but really isn’t. They are playing with smoke and mirrors.” Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc.
UBS Expects 70 dollars a barrel by the end of 2009
In a research note entitled "Ten Surprises for 2009" UBS analysts say they expected a combination of supply discipline from oil cartel the OPEC and the beginning of a moderate global economic recovery in the second half of 2009 to stabilize oil prices near current levels and then lift them toward US$70 by year's end.
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