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IDemo

(16,926 posts) Mon Nov 24, 2014, 10:30 AM Nov 2014

Some fund managers see oil falling to $60 without OPEC cut

(Reuters) - Some commodity fund managers believe oil prices could slide to $60 per barrel if OPEC does not agree a significant output cut when it meets in Vienna this week.

Brent crude futures LCOc1 have fallen by a third since June, touching a four-year low of $76.76 a barrel on Nov. 14.

They could tumble further if OPEC does not agree to cut at least one million barrels per day (bpd), according to some commodity fund managers' forecasts.

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If OPEC fails to agree a cut, prices will drop "further and quite quickly", with U.S. crude CLc1 possibly sliding to $60, he said.

http://www.reuters.com/article/2014/11/24/us-opec-meeting-funds-idUSKCN0J80QL20141124

5 replies

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Highlight:

Some fund managers see oil falling to $60 without OPEC cut (Original Post) IDemo Nov 2014 OP

Poor, poor filthy-rich speculators. nt tridim Nov 2014 #1

The Saudi's will cut production, but just don't want to do it alone. FLPanhandle Nov 2014 #2

God forbid we allow reasonable prices yeoman6987 Nov 2014 #3

OPEC is now the pricing follower, not the leader. Ikonoklast Nov 2014 #5

When speculators and the hedge fund mob take a loss, Dawson Leery Nov 2014 #4

tridim

(45,358 posts)

1. Poor, poor filthy-rich speculators. nt

Reply to IDemo (Original post)

Mon Nov 24, 2014, 10:43 AM

Nov 2014

FLPanhandle

(7,107 posts)

2. The Saudi's will cut production, but just don't want to do it alone.

Reply to IDemo (Original post)

Mon Nov 24, 2014, 10:49 AM

Nov 2014

I can't see OPEC letting prices go below $80 for long.

yeoman6987

(14,449 posts)

3. God forbid we allow reasonable prices

Reply to FLPanhandle (Reply #2)

Mon Nov 24, 2014, 11:58 AM

Nov 2014

For gas for the poor and working class. Lets get it back down to 1.86 when the President first became President. That certainly would help Democratic candidates in 2016.

Ikonoklast

(23,973 posts)

5. OPEC is now the pricing follower, not the leader.

Reply to FLPanhandle (Reply #2)

Mon Nov 24, 2014, 01:39 PM

Nov 2014

They no longer are able to call the tune as there is too much oil production outside of their control.

Dawson Leery

(19,348 posts)

4. When speculators and the hedge fund mob take a loss,

Reply to IDemo (Original post)

Mon Nov 24, 2014, 01:30 PM

Nov 2014

the public gain.

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