pixelpaws
Will crude oil fall below $25 per barrel in 2009?
Crude bottomed out around $35, never came close to $25. And of course now, is much higher, trading new $80...
Background:
So, will Merril's prediction pan out? Will we fall all the way below $25?
Settlement details:As reported by a major mainstream news source.
| Yes |
| |||
| No |
|
- Activity: H$123,223 |
- Predictions: 70 |
Comments: 1
Suspend date: Wed 23rd Dec 2009 11:59pm PST
Settlement date: Fri 1st Jan 5:41am PST
Prediction cut-off: Predictions on this question after Wed 23rd Dec 2009 11:59pm PST have been voided because they were made after the question could be settled
Initial likelihoods: Yes: 35%
Action history:
pixelpaws 
tuff_sledding![[Power User]](http://www.hubdub.com/images/icon_superuser.gif "This user is a super user"){kind=icon}
: crude bottomed out around $35, never came close to $25. In retrospect, many of the starting odds seem ridiculous, but fear ruled the day back then...
thanks
bayoubear![[Admin]](http://www.hubdub.com/images/icon_admin.gif "This user is an admin"){kind=icon}
: Crude bottomed out around $35, never came close to $25. And of course now, is much higher, trading new $80... 
Suspend date: Wed 23rd Dec 2009 11:59pm PST
Settlement date: Fri 1st Jan 5:41am PST
Prediction cut-off: Predictions on this question after Wed 23rd Dec 2009 11:59pm PST have been voided because they were made after the question could be settled details 
Get widget!Predictions (70)
predicted No (H$100 at 98%)
pmk2668
predicted No (H$10,000 at 97%)
vixen
predicted No (H$100 at 96%)Comments (1)
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Here some more from the article cited:
"Crude oil may dip below $25 a barrel next year if the recession that’s slashing fuel demand around the world spreads to China, Merrill Lynch & Co. said.
Global oil demand will contract in 2009 as economic growth slows to its weakest since 1982, Merrill Commodity Strategist Francisco Blanch said in a report today. In October, when oil was around $100 a barrel, the bank predicted that prices may slide to $50. Crude traded at $45.30 in New York today, the lowest since February 2005.
“A temporary drop below $25 a barrel is possible if the global recession extends to China and significant non-OPEC cuts are required,” Blanch said. “In the short-run, global oil demand growth will likely take a further beating as banks continue to cut credit to consumers and corporations.”
Crude hasn’t fallen below $25 a barrel on the New York Mercantile Exchange since November 2002"
http://www.bloomberg.com/apps/news?pid=20601087&sid=acgAzpwrcUfQ&refer=home
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