OPEC cuts supply and OIL continues to drop. Hmmm, very interesting. I thought just 3 months ago we were running out of supply due to the demand from U.S, China and India. All of the sudden there is no more demand.
I just read that T. Boone Pickens (billionaire Texas oilman and money mgr) has predicted $70 crude before the end of this year and $100 crude by the end of the 2nd qtr 2007. And you're right, all that demand from around the world that drove the price up didn't magically dissipate. Will be nice to get this election over so various instruments (oil, commodities, equities, US dollar, etc.) can stop getting goosed on a daily basis.
i know this is not a major influence at all but there have been a lot of car factories closing down which could mean something... think about it
Didnt you guys watch Bloomberg TV? Just today he was interviewed. He said oil will see 70 before it sees 50.