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A sharp drop in crude oil price – time to buy oil futures?
Ken Roberts
Oct. 31, 2008
The liquidity crunch is coming to an end? Is it time to buy sticks, and commodity futures again?
On Friday, US oil prices sank below the $65 a barrel level, heading for their largest monthly drop since crude oil futures started trading in New York in 1983.
Nymex December West Texas Intermediate fell $1.76 to $64.20 a barrel, flat over the week but on track for a decline of 36.2 per cent in October.
ICE December Brent lost $2.11 to $61.60 a barrel, down 0.7 per cent this week.
Thq quantitative models are showing signs of oversold nature of the crude oil futures. Most likely oil futures are headed for %50 a barrel and then a sharp rally will start.
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