From CNBC two days ago but relevant to WOT and economy
Get used to paying less at the gas pump. Oil prices are expected to stay at their currently low levels, and possibly even drop further, due to a "perfect storm" of risk factors, analysts say.
Oil prices continued to flirt with yearlong lows Monday. November Brent crude futures were down about 1.7 percent to trade near $88.50. WTI crude oil also dropped, albeit by a less dramatic amount, to near $85.49.
Those decreases may only be the beginning though, according to analysts. Dan Stobler, a managing director and partner at HighTower Bellevue, said the market could see oil prices come as low as the mid-70s in the next few months.
Oil at under $80 would, if it remained that way for a half year or so, be devastating for the economy of IRAN which also has other problems and would decrease the ability of various private and public donors to such entities as Hezbollah, Hamas, Islamic Jihad, etc. It would also decrease the value of Israel's new resources in the Med. US automobile users would benefit as would US trucking.Europe would benefit. So would China, Japan and Turkey. |