At 9:00 a.m. ET futures are moderately higher and the price of oil is up. The market is poised to open higher.
Globally, the terrorist attack has affected investors, now let's see if Wall Street brushes it off or also gets rattled. Otherwise oil seems to be temporarily firming around $30 per barrel. Next stop is evidently $20.
CNN: Stocks: 5 things to know before the open
More security fears: A terror attack Thursday in the heart of Jakarta, Indonesia, has rattled investors once again.
Oil is a little firmer Thursday morning with crude futures hovering above $30.
2 comments:
A mos. ago crude was hovering near $38-39 a barrel. How the mighty have fallen. I think barring a Saudi vs. Iran war a lo probability given both countries live off of OIL and have little else to sell the planet. You never know though. Or a more probable Saudi decision to tighten supply even marginally, the price of oil is heading south. My basis is a further slowing of demand in CHINA et al. and an increasing supply as even more marginal oil comes on line in other parts of the planet. Many producers now see the handwriting on the wall for the entire Fossil energy sector and IMO are rushing to get as much out of the ground now before a Carbon tax or other regulations kick in to try and stop the warming. ( all too little and too late IMO.) ;(
I think we agree on one major point, the CO2 emissions need to stop now. In the investment world that's different story. Oil has been brought low by the Saudis before, this is the 4th time it's happened since the end of the 90s. Investment people are buying up oil now with equities down so low. Investment analysts believe the price will climb again eventually.
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