OPEC Cuts Output
Christian at InvestorGeeks.com thinks that Oil will stay in the $50-$60 range for a while and that the Dollar won’t continue it slide.
Opec just reported that its cutting production by 1.2 million barrels a day. This will definitely push the price of oil upwards.
No one knows where the price of oil or gas will go, but global demand will eventually push it upwards. The Energy Department isn’t promoting any alternative energy research so I don’t know where he think the alternative energy to substitute oil will come from.
I’m betting on oil prices going up and I don’t think pushing the price to $75/bbl will push our economy into recession. They might blame the coming recession on oil, but I doubt thats the main reason.
Damn, I was supposed to buy some PTR but I don’t think I’ll be able to get in under $110 anymore! I also tried selling puts on a silver mine but I guess I was asking for too much premium [considering that silver crossed $12/oz today]
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