Oil Falls on Jobs, perceived demand
Oil dropped to $98/bbl Friday after jobs news indicated a serious drop in demand. Of course, this is temporary. Sometime this weekend, oil producing nations will casually announce cuts to production for critical maintenance which just happens to correspond to driving up the price back to the $100+ range once more. Like every other time before this. The oil industry is comfortable with crude over $100/bbl, regardless of what it does to the world economy. After all, the more oil in the ground, the longer the more it is worth, the more time to construct sufficient deterrents from their own slaughter by increasingly angry underclass, such as that in Saudi Arabia who literally get their food as a gift from the wealthy who control the oil. No oil, no money, no food, civil war/massacre results. As far as OPEC is concerned, the longer they can delay this the better. If that means driving the rest of the western world, whom they despise, into the worlds worst depression since the Dark Ages, it's all good!
So yeah, the price will snap back up on Monday as the stock market takes a hit over the employment numbers and falls further. The drop today of 168 points wasn't that bad. Its the jobs market stupid. This is why govt needs to get out of governing. They're just not good at it.
So yeah, the price will snap back up on Monday as the stock market takes a hit over the employment numbers and falls further. The drop today of 168 points wasn't that bad. Its the jobs market stupid. This is why govt needs to get out of governing. They're just not good at it.