Oilintel Still Maintains that Crude Oil Prices Will Reach the Mid $50s…Here’s Why

NEW YORK, N.Y. – Sept. 25 (SEND2PRESS NEWSWIRE) — An article published Sept. 21 on by Tom Waterman states, “Since we predicted a severe drop in prices in August, we have received emails and phone calls asking how low prices will go and how long the downtrend will last (see The Ethanol Monitor Volume 2, No. 31, August 21, 2006 ‘Why $50 per Barrel oil is not Out of the Question’). I was asked to do an interview on ROBTv, as they figured I was out of my mind.”

OilintelWaterman continues: “The questions now are a little more difficult than they were on Monday, August 28, the day I was cornered into making the following predictions. I said in the interview that NYMEX crude oil would close below $70 per barrel before the end of the week. It closed at $69.71 the next day, moved back above $70 per barrel on Wednesday and Thursday before settling Friday, September 1 at $69.19.”

“I said it would be in the ‘low $60s by the end of September.’ That has already proven to be the case. I then said that by late-October, early-November, we will see mid-$50s crude oil. That remains to be seen, but I do anticipate prices moving lower.”

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