The market has gone totally bonkers.
SINGAPORE – Oil prices fell to a 3-year low below $48 a barrel Tuesday in Asia, as more bleak U.S. economic news and plunging stocks markets darkened investor expectations for crude demand.
Light, sweet crude for January delivery was down $1.50 to $47.78 a barrel, the lowest since 2005, in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
"We think by next year OPEC will be somewhat successful in tightening supply and underpinning prices," Moore said. "You have to wonder where the oil price would be now without the OPEC cuts."
Moore said he expects an average oil price of $74 a barrel for 2009.
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clipped from news.yahoo.com
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