Posted: 7/18/2008 5:00:44 AM EDT
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Hopefully it falls again today, and continues next week www.bloomberg.com/apps/news?pid=20602099&sid=a851_bu_bBCI&refer=energy Oil May Fall on U.S. Supply Increase, Demand Drop, Survey Shows By Mark Shenk July 18 (Bloomberg) -- Crude oil may fall next week as U.S. supplies increase and slowing economic growth curbs fuel use in the world's biggest energy-consuming country. Ten of 22 analysts surveyed by Bloomberg News, or 45 percent, said prices will fall through July 25. Seven of the respondents, or 32 percent, said oil will rise and five forecast little change. Last week 63 percent said futures would increase. U.S. inventories of crude oil, gasoline, diesel and heating oil rose last week, an Energy Department report on June 16 showed. Demand for gasoline fell 5.2 percent last week from a year earlier, the 12th consecutive weekly decline, a MasterCard Inc. report on July 15 showed. ``The fundamentals continue to look weaker and weaker, especially for the U.S. gasoline market,'' said Tim Evans, an energy analyst for Citi Futures Perspective in New York. ``At some point this will tip the balance in the wider complex, triggering a major bout of long liquidation.'' Longs are bets that prices will rise. Crude oil for August delivery fell $14.91, or 10 percent, to $130.17 a barrel so far this week on the New York Mercantile Exchange. Futures reached $147.27 a barrel on July 11, the highest since trading began in 1983. The oil survey has correctly predicted the direction of futures 49 percent of the time since its start in April 2004. Bloomberg's survey of oil analysts and traders, conducted each Thursday, asks for an assessment of whether crude oil futures are likely to rise, fall or remain neutral in the coming week. The results were: RISE NEUTRAL FALL 7 5 10 |
 Got my hopes up prices might actually fall. About half the time they are right, and half the time they are wrong. Why should I bother paying attention to their prediction? |
I'm a pro-roulette player because I can pick red or black correctly 49% of the time. 
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