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Home >> Stock Forums >> Crude futures drop sharply

Crude futures drop sharply

AlfredSokol said: "Obviously profit-taking is the main reason [url=http://www.iht.com/articles/ap/2007/10/22/business/NA-FIN-MKT-Oil-Prices.php]crude futures[/url] have dropped sharply. [quote] But traders are also selling to lock in profits from a rally in which oil futures jumped almost 14 percent in less than two weeks. The November crude contract, which expires Monday, is trading more than $1.20 higher than the December contract. November crude reached a record $90.07 a barrel on Friday morning before declining to settle lower. "You get to $90, and people say 'Here's a nice chance to take some profit,'" said Kevin Saville, managing editor for the Americas energy desk at Platts, the energy research arm of the McGraw-Hill Cos.[/quote] What other reasons can you think of for the drop? Do you think oil prices will trend down or up in the next six months?"

JAP said: "Oil is way overbought and the traders know it. These pricks are the main reason why oil prices are so high. Once the game is over, they start selling and the price of oil go into a free-fall. We will soon be back to $60/barrel."

lil dickie said: "It hit $92 today! What a gouging."

newinvestor123 said: "$60 a barrel? I don't think so... I'd expect to see $120/barrel before $60. All this money that's being created has to go somewhere, and it's going into commodities, especially oil. Many (most?) people think we've already hit peak oil and that supplies will continue to dwindle, and the neocons are still pushing for a war with Iran. Until a major oilfield is discovered or the war propaganda stops, I don't see much downside for oil. It may correct $10-15, but I doubt it's going to drop back to $60."

AlfredSokol said: "Too bad it never dawns on the hapless consumer to fight back by using less oil."

JAP said: "[quote=AlfredSokol]Too bad it never dawns on the hapless consumer to fight back by using less oil.[/quote] How? The average consumer is a slave to it."

JAP said: "[quote=newinvestor123]$60 a barrel? I don't think so... I'd expect to see $120/barrel before $60. All this money that's being created has to go somewhere, and it's going into commodities, especially oil. Many (most?) people think we've already hit peak oil and that supplies will continue to dwindle, and the neocons are still pushing for a war with Iran. Until a major oilfield is discovered or the war propaganda stops, I don't see much downside for oil. It may correct $10-15, but I doubt it's going to drop back to $60.[/quote] Okay New, I'll compromise... oil goes to $100, then profit taking drops it back to $70. Whatcha think?"

newinvestor123 said: "[QUOTE=JAP]Okay New, I'll compromise... oil goes to $100, then profit taking drops it back to $70. Whatcha think?[/QUOTE] I think that's more possible, but that'd still be one hell of a correction... [URL="http://www.reuters.com/article/topNews/idUSL1354608620071028?feedType=RSS&feedName=topNews"]The Turkish Army killed 20 Kurds over the weekend[/URL] - That little conflict is far from over, and it will lend support to the price of oil until it ends."

lil dickie said: "I wonder how much of the worlds oil supply Kurdish Iraq really produces."