Oil prices continue to slide - Oil & energy- msnbc.com
Will oil continue its slide downwards? Slackening demand and the reduction of fuel subsidies by countries like India and Malaysia to cut fuel subsidies have caused the market to reconsider the true value of a barrel of oil.
It's been my contention that there is no way $120+ oil can be supported for any length of time. I simply don't see the fundamentals to support that kind of pricing. Looking into the longer term, I see oil dipping back under $100/barrel. In the short term, however, there is probably going to be a few more blips upward....but hey, I'm no economist.
None of these price fluctuations are going to matter to consumers. Gasoline will probably continue to tick up a bit as refiners, gasoline wholesalers and retailers try to improve their margins.
Wednesday, June 04, 2008
Oil prices continue to slide - Oil & energy- msnbc.com
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