[quote=ltsdd]Anyone else here think that OIL is oversold? I am thinking of bottom-fishing get scoop up some shares.[/quote]
What’s your timeframe?
Chinese demand has definitely fallen in the short run. In the long run, demand should bounce back at least somewhat.
Although it’s all but impossible for us to really know what the Saudi’s are thinking, there’s some speculation they are intentionally keeping production high and prices low to try to drive some competitors like oil sands out of business.
Long term there’s way more upside to OIL than downside. But there’s little reason to think prices are going to bounce back strong in the next six or twelve months.
