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| 2. Kim 9/10/2008 9:57:30 AM IST |
Oil prices have slid so far and so fast that the retreat has led analysts to predict further puncturing of what they call a speculative bubble. Many analysts don`t see a floor at $100, but rather at levels as low as $70 or $80. "This is start of a fall to $80 crude by the end of the year, maybe as early as September," says Joel Fingerman, principal of FundamentalAnalytics.com, a Chicago-based energy consulting firm.
"Oil prices are dropping because they are inflated," says Fadel Gheit, senior energy analyst for Oppenheimer (OPY). "You cannot sustain an artificial price forever. At the end of the day supply-demand fundamentals will take over."
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| 1. Kim 9/4/2008 10:24:05 AM IST |
Oil prices probably need to fall further to reach a level that would actually lead to higher demand. Best guess is a price somewhere between $80 and $90 a barrel.
oil hitting $80 in the next few months is certainly possible.
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