Oil plummeting(Under $50)

CNBC | 11/01/04

[Dane]

Oil under $50. Down $2.18 at $49.60.

[Dane]

.

[RockinRight]

Soros has given up. His internal sources say W's gonna win, so he's pulling out of the oil market and prices will return to normal within a week or two.

[MKM1960]

Hmm, has Soros has seen the light?

[frog_jerk_2004]

Bad news for the DIMs...

[MarkeyD]

Soros finally giving up on pushing the price up?

[Josh in PA]

Oooh.. Drive that market up...

Dow up 45, Nasdaq up 9..

[SolidSupplySide]

Bush and Rove always have had a plan to reduce oil prices before the election.

[dirtboy]

I've felt for several months that someone was manipulating the futures market. Someone willing to eat tens of millions of dollars in the process.

[Alberta's Child]

What's the U.S. dollar doing against the Euro, the Canadian dollar, the yen, etc.?

When I see a decline like this in oil, I suspect the primary factor is the strengthening of the U.S. dollar.

[NeoCaveman]

So oil is down more than 5 bucks in one week? Soros has given up.

[OldFriend]

Last week I bet my husband that oil would be $50 or less on election day and he laughed at me.

[oceanview]

well, to be honest, this was going to happen post-election either way. Soros play was simply to keep the price up going into election day to hurt Bush, and he did that. Now, he is dumping those speculative positions. From $55, I expect a $10-12 drop, so figure $43-45 settling price.

[Bahbah]

I just put some gas in the car and was surprised to see the price under $1.90 a gallon (still is painful thought).

[grobdriver]

Good.
I have to fll up tonight.
The way pump prices shoot up immediately on news of crude increases, I better see this reflected at the pump or there's going to be hell to pay!

[SAJ]

Much more likely that the pending Nigerian strike has been settled. Stay tuned -- it'll be all over the wires before mkt close.

Moral: he who bets on strikes had better have the cell # of the strike leader(s).

[chuknospam]

Soros has given up. His internal sources say W's gonna win, so he's pulling out of the oil market and prices will return to normal within a week or two.

Yup, as I've told a number of Kerry supporters who swear Bush is raising the prices to get rich. I predict $45-$46 by Friday no matter the outcome of the election.

[KavMan]

asked on cnbc on friday bill seedman said if oil is above $50 kerry wins
under $50 bush wins

[RightWhale]

The dollar is not moving, relatively speaking. Oil is also about where it was, not much change.

[1Old Pro]

Let's hope it drops below $40, today.

[hobbes1]

No. He has probably realised his gain from Shorting the Dollar, and Now he wants to maximize his profit by going long.