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Veteran oil trader sees crude falling below $50
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Thursday, August 13, 2009
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By Daily Crux Editor Justin Brill:

Stephen Schork, former oil trader and editor of The Schork Report, tells HardAssetsInvestor.com that speculators will be the driving force behind the oil market for the foreseeable future.

He expects to see oil fall below $50 again and trade between $45 and $55 until the economy recovers, but believes speculators could push prices back up toward $75 if the stock market continues to rally.

Schork suggests investors watch the stock market for clues to oil's path. "If you see the stock market rise, oil will probably follow suit."

Read full interview...

More posts on oil:

The uptrend in oil is dead

T. Boone Pickens goes long oil; delays mega wind farm project

Finally, someone with a functioning brain comments on Peak Oil

Topics: Energy | Commodities
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