Jan. 18 (Bloomberg) -- Crude oil may fall next week on speculation the U.S. economic slowdown will lead to reduced fuel consumption and rising inventories.
Thirty of 41 analysts surveyed, or 73 percent, said oil prices will decline through Jan. 25, the most bearish response since Oct. 5. Four of the respondents, or 9.8 percent, said futures will increase. Seven predicted little change. Last week, 54 percent said oil would drop.
``Weaker U.S. refining margins and refiners talking about cutting runs all contribute to bearish sentiment,'' said Tony Regan, energy consultant at Nexant Inc. in Singapore. ``Concerns about a U.S. economic slowdown and further writedowns by major Wall Street banks add further gloom.''
AND I SO ADVISE!!
ELK Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
