I created this profile 10-11 years ago, I'm in my mid 40's. I've got plenty of hair on my ass and I don't need any advice from you. Let's recap today's news:
- Industrial output numbers higher than expected. - Saudi super tanker raided by pirates for cripes sake.
In July this would have shot oil $10 higher. Today it's tanking.
Conclusion: This whole oil bubble was created by speculation. Oil is getting bludgeoned because the speculators have been skull-fjcked by reality, they are out of dough, and market fundamentals are returning.
I remember what happened in 1982...another oil bubble that drastically changed consumption habits, prompted new exploration, and subsequently caused oil prices to fall into the abyss for the next 18 years. You, on the other hand, apparently have no memory or a short one.
Oil prices were LOWER than today's price just 23 months ago during a "good" economy. Now the global economy is melting down, and you think prices are going up from here?
There will be some technical bounces, but long term oil is going lower, and for a relatively extended period of time until speculators want to try and make a run at it again. They're broke now, so it may be a while.