fasten your seatbelts #2, page-2

...November 13, 2008

Oil falls to $50 amid slowing global

Oil prices plunged to $50 a barrel today on gathering concerns the global economic slowdown and the perilous state of the US car industry are driving down demand for crude.

In London, Brent North Sea crude fell $1.77 to $50.60 following heavy declines earlier in the week. While overnight in Asia, prices for New York oil fell to near $55 a barrel. Oil is now trading 66 per cent below the $147.27 peak reached in July.

Stephen Roach, chairman of Morgan Stanley Asia in Singapore, said: "As the global economy continues to weaken, we’re going to see further downward pressure on oil. I think we’ll certainly challenge the $50 threshold. We could challenge the $40 threshold."

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...Yes I thought sabre,s prediction was rather far fetched to say the least...but in this present climate ...all bets seem to be off !!!