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Crude oil tends toward $40 a barrel – time to buy?
Paula Rabke
Nov. 20, 2008
Crude oil futures pit is the scene of massacre. The hedge funds are wiped out. The private equity is tripped of their equities. The oil traders are also in deep margin calls.
Crude oil fell for a fifth day, approaching $50 a barrel, as the contracting world economy increases concerns that demand for fuels will slow.
U.S. fuel use during the past four weeks averaged 19.1 million barrels a day, down 7 percent from a year ago, an Energy Department report said yesterday. Equities declined with the MSCI Asia Pacific Index dropping for a fourth day while the Dow Jones Industrial Average yesterday fell to the lowest since March 2003.
Is this the time to buy?
Most analysts say that for now oil will settle between $40 and $50 a barrel. But it will build a multi year base before moving up into $150 or more.
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