RE:RE:RE:RE:Have we reached the bottom?Oil has only temporarily paused before extendeding downward over the next 30 days.
In fact Brent continues to fall. Excess oil surplus didn't magically disappear in the last
couple of days, and OPEC hasn't slowed production, in fact insistence primarily by the
U.S. that they are oil self-sufficient has meant that OPEC has targeted the vulnerable
Frack operations to break them and will continue to produce and flood the market
with cheap oil. We could easily see oil at $30 per barrel within the next 30 days or so.
The high oil prices as we have seen are really the exception, a look at historical prices
shows a per barrel price of 25-30 is really the norm and it has only been the last 8 years
or so in which these high oil prices have occurred, so this is a return to Norm.