Rebels

Yes worried me too.Saoudis knew that cpnventional oil playres are their compettors.They also knew they need a higher price for their investments.So if price drops they have more control because they sit in the best seat.However if they don't cut and the price drops further then they receive less cash too .So where is the best for them to have a decent cash but also not to high to stay in control.

If we see 25 $ then I don't think .96 $ will not hold .But maybe if big companies like BP ,Royal Dutch face loss on onvestments they probably will lobbying to do something IMO.

But before we could see 25 I can't imagine we won't see any rebound before.

Some things could support near erm actions.

Obama will probably come out with something big.They had to do it.It's winter time too and even people has suspend their buys for heating oil etc.at some point they had to buy.So next supply numbers could maybe see some stabilization and could give short term some relief.Hope it is like that.If you look to the chart we collapse really hard .All red candles all the way down.

I must say American bourses so far has not lost so much like Europeans .We are under 50 % and the Dutch AEX much more.
Just on the news..Expensieve car makers here like Mercedes and BMW saw their sales dropping .

Also a good read here.The oil producers could also seen their econmies shrinking and they wil avoid that IMO.

However, Khelil said that if oil prices fall too far there could be an economic backlash in the wealthy oil-production countries that could worsen the global economic crisis. Khelil said that if oil ends up being sold at below production costs, oil-producing countries could have to cut their overseas investments, the AP reported.