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Oil may fall to $70 if dollar toughens, Iran crisis softens
rss.xinhuanet.com — Oil should be trading at between about 70 U.S. dollars to 80 dollars per barrel if the dollar strengthens and the Iranian nuclear crisis is defused, Chakib Khelil, rotating president of the Organization of the Petroleum Exporting Countries (OPEC), said Saturday.
hdar3415- 81 diggs
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- iraq, on 07/27/2008, -0/+4Uhh, not bloody likely. First, even the idea of the dollar strengthening during wartime is unlikely. Next, oil companies found a recipe for profit that they aren't going to let go of very easily. You mess with futures, you mess with revenues and profits.. gluck with that one.
- hdar3415, on 07/27/2008, -0/+1I agree, but the development of bio fuels by their very nature may help reduce the price of oil. At least if the prices stay high the development of alternative fuels may increase and that could only be a good thing.
- Koloss, on 07/27/2008, -0/+1Kind of delusional, no? Frankly I think your currency is still too highly valued. The war isn't going away for at least another 16 months. The withdrawal won't be cheap. Not to mention the whole buyout.
Wouldn't be surprised if the dollar goes down to 50 - 30 € cents. The thing I can't decide, is whether I should buy US stock, assuming you'll become sensible again, or keep my money here because you might go into hyperinflation.
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