Lower Fuel Demand

Stocks fell for the first time in three days, led by miners and oil producers, on concern a slowing economy will reduce demand for energy and metals. And according to our in-house analyst Crude may end the year below $70 a barrel, compared with $81.66 at the end of the third quarter, .
The price of gasoline at the pump in the U.S. fell four cents in the past two weeks to an average $2.75 a gallon, per gallon...this is equivalent to 66 cents
per litre at the pump...compared to our 1,33 per litre at the pump here in Portugal...!

Not everyone forecasts that oil will move lower by the end of the year some analysts say there is a risk of a jump above $90!!!

My view is we're at a turning point for prices and margins,crude-oil inventories may also rise because of increased production by the Organization of Petroleum Exporting Countries. The group, which is responsible for about 40 percent of global output, agreed last month to increase output by 500,000 barrels a day starting Nov. 1.

OPEC pumped 30.3 million barrels a day in August, or more than 33 percent of world crude supplies.

So i predict that the next move will be south toward the low $70s and high $60s before the end of the year, primarily as more bad news comes from the U.S. economy....