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In Reply to: RE: The day (Dec. 16th) Yellen announced the rate hikes oil was selling near its lows of the 2008 financial crisis.... posted by regmac on February 02, 2016 at 12:52:35
...first time in 12 years oil drops below $30 a barrel.
Follow Ups:
...because many of the top analysts in the business had predicted it.
In September of last year Goldman Sachs warned that $20 oil was a distinct possibility.
http://www.bloomberg.com/news/articles/2015-09-11/-20-oil-possible-for-goldman-as-forecasts-cut-on-growing-glut
Citigroup warned us of $20 oil **last** February.
http://247wallst.com/energy-economy/2015/02/15/could-oil-still-drop-to-20/
Moreover, dozens of analysts were on the financial channels warning of sub $30 oil throughout 2015. (You don't stay abreast of these things, do you?)
Sub $30 was not a surprise. Yellen suspected it was coming and still raised rates. Big mistake.
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