Forecasts for oil prices depend on economic outlook

01/05/2009
Guess the question from the answer: It all depends on the global economy.If you work in the oil and gas business, you haven’t been paying attention to developments around you if you didn’t respond with this: When will oil prices quit falling?Marker crude prices dropped below $40/bbl this week after two developments that normally would strengthen oil values.In the first of those developments, the Organization of Petroleum Exporting Countries announced its biggest production cut ever. If fully implemented, the action would remove enough oil from the market to avert a catastrophic inventory build.But OPEC members seldom implement production cuts fully. That partly explains why cr...
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