How low can crude oil go? Do not get surprised to see a collapse to mid twenties
Babu Ghanta
Sep. 15, 2006

Crude oil is going down as hoarded oil comes out of oil company basements. The oversupply of oil with seriously depleting demand is creating a massive surpluss in the market.

The oil companies have started exploring deeper souces under the ocean especially massive reserves in Gulf of Mexico. The cost of recovery of the reserves matches the current crude prices with solid gains.

The October contract for crude-oil futures dropped Friday to its lowest level of the year, touching a low near $62 a barrel -- ready to register a loss of more than 6% for the week on speculation that oil demand is weakening.

The Organization of the Petroleum Exporting Countries cut its 2006 crude-oil demand forecast to an average of 28.9 million barrels a day, down 200,000 barrels a day from last month. The cartel said it expects demand to average 28.1 million barrels a day in 2007, which is expected to be 800,000 million barrels a day below 2006.

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