Oil 101

hank

Those following oil's downward slide might want to think this through a lot.

"During 1999-mid 2008, the price of oil rose significantly. It was explained by the rising oil demand in countries like China and India.[3] In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$145 it reached in July 2008. On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel ..."

Currently WTI is $46.50 - off 3.75%

(Give JohnC some credit. He last week postulated it might go to $33 this round.)

http://en.m.wikipedia.org/wiki/Price_of_oil

JohnChisum

Kind words @hank. Thank ya kindly.

Patti Domm of CNBC wrote the article so she should get the credit deserved.

JohnChisum

I caught this article off of Bloomie and it ties right in with what we are seeing. Also, if you remember Gundlach's fear of the possible outcomes of oil at this level, this article confirms his fears.

http://mobile.bloomberg.com/news/2015-01-09/why-opec-is-talking-oil-down-not-up-after-48-selloff.html

Tampabay

I think Oil is going out of business....$33 is the end...really