Falling to levels not seen since May 2005, crude-oil futures fell for a fifth session last Thursday on the New York Mercantile Exchange, down7.5% or$4.00 to $49.62 a barrel, says MarketWatch.
On Friday, the oil price climbed slightly to $50.42.
As a result of oil’s moves last week, many posters weighed in on the issue on the Stockhouse bullboards and blogs.
On the Ducimus Plineus blog November 20, Ducimus said: “Here we are. One hour prior to the New-York opening and oil is printing $51. The support must hold, otherwise we are headed much lower. Good luck to us all [sic]”
On the Maysteeler23’s Thoughts blog also on November 20, maysteeler23 said “I am now starting to buy the DXO ETF. DXO is a double long oil ETF, and is down from almost $30, down to a 52 week low of $3. It's time to start buying crude, and to get a pure way of playing crude. Crude will come back before the ventures do, so by buying DXO, you will get a step ahead, when the ventures come back [sic].”
On the Goldnev Resources board Friday, (TSX: V.GNZ, Stock Forum) pendragon3 said:
Just wanted to share a thought about the current price of oil as a commodity. Believe it was established with some degree of certainty that the recent record spike in the price of crude was attributed at least in part to rampant speculative buying. Are we now seeing oil as a commodity being shorted to extreme? With the current economic situation and a drop in demand, could it be that greedy market manipulators are pushing all the fear buttons and creating an extreme once more - in the opposite direction. If you want to make obscene amounts of greedy gain you need to use one of the two most effective tools of the trade – FEAR or GREED. We've got plenty of fear already... perfect conditions for shorting gains. Has free market capitalism come to this point? How large a factor is supply and demand and what really drives the price of commodities? [sic]