Thursday 23 June 2011

Oil drops below $90 a barrel - Goldman Sachs

I remember maybe 4 weeks ago (May 2011) Goldman Sachs saying oil will drop, shortly after oil did drop from about $110 to sub $100. When this occurred good old Goldman Sachs came out and said, we think we are wrong with our last statement about oil, we now believe the oil price will rise. Soon after the oil price did indeed start to climb, however my thoughts here at the time where, the economy can't handle this, it's surely going to drop again otherwise we'll certainly have a double dip. Something the politicians don't want. So the G20 politicians started to put pressure on the IEA and OPEC, for everyones benefit. Well the oil price did drop from this re-assent right back down to the new recent low 230611 of WTI Crude below $90. If there's one thing you should learn from this, don't trust the big trading houses, either they're trying to manipulate markets or their analysis models aren't so good.