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IBDvalueinvestin (96.41)

Oil should give up at least Half of Yesterdays lofty 6% Gains.

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October 01, 2009 – Comments (2) | RELATED TICKERS: OIL

U.S. Energy Day Ahead: Crude Falls; OPEC Trims Oil Production

By Rob Verdonck

Oct. 1 (Bloomberg) -- Crude fell on speculation that the 6 percent rally yesterday wasn’t justified because U.S. oil stockpiles are 10 percent above their five-year average.

The Organization of Petroleum Exporting Countries trimmed production for a second consecutive month, led by declines in Iraq, Saudi Arabia and Angola, a Bloomberg News survey showed.

To contact the reporter on this story: Rob Verdonck in London rverdonck@bloomberg.net

Last Updated: October 1, 2009 06:21 EDT

2 Comments – Post Your Own

#1) On October 01, 2009 at 8:47 AM, IBDvalueinvestin (96.41) wrote:

Oil down -1%

2X Inverse etf should rise +2%

3X Inverse etf should rise +3%

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#2) On October 01, 2009 at 10:48 AM, leohaas (99.26) wrote:

Around 10:30am oil was flat, while the stock market was down more than 1%. It is still early, but it looks like your prediction is not on track.

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