Thursday, December 04, 2008

ML analyst suggests oil could go to below $25 a barrel!

Bloomberg.com: Worldwide:
"Crude oil may dip below $25 a barrel next year if the recession that’s slashing fuel demand around the world spreads to China, Merrill Lynch & Co. said.....Global oil demand has slumped as the U.S., Europe and Japan face simultaneous recessions for the first time since World War II. The number of Americans collecting jobless benefits rose to 4 million in the week to Nov. 22, a 26-year high, the Labor Department reported today. European Central Bank President Jean- Claude Trichet said the euro region’s economy will shrink in 2009."

It seems only yesterday (actually was end of spring semester) that experts were calling for $200 oil, which might suggest how much weight we should given so called-experts and their forecasts.

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