Oil volatile around $67 on grim World Bank view

AP/Yahoo News ^ | 6/23/09 | PABLO GORONDI

[Kartographer]

A drop from an eight-month intraday high of $73.23 earlier this month accelerated after the World Bank said it expected the global economy to shrink by 2.9 percent this year, much worse than its March prediction for a contraction of 1.7 percent.

The bank also lowered its 2010 growth forecast to 1.7 percent from 2 percent.

[Kartographer]

Can't sell what people don't have the money to buy!

[Buckeye McFrog]

so much for those of you who bought on Boone Pickens’ $300/bbl prediction last wk....

[Obadiah]

But what about all that stimulus money? What about it Obama? Where - exactly - is it?

[b4its2late]

Buffoon Pickens.

[ZULU]

No problem. Those who need it still need it. They will pay whatever the Sheiks and speculators want. So they will just cut the production and raise the cost.

Sort of like this. A sheik controls an oasis in the desert and caravans need to stop there for water and he gets say, $10.00 a head to tank up. The number of caravans is reduced say 50% due to a Jihad somewhere. 50% of the caravans still need to get through. So he just raises the cost to $20.00 per head. Where are they going to go? Only a few oases in the desert.

Mohammadeconomics.