Record-high oil prices, above 50 dollars, weigh on global markets

[leftchick]

http://story.news.yahoo.com/news?tmpl=story&cid=1504&ncid=1504&e=1&u=/afp/20040928/ts_afp/oil_price_world_markets_040928102819

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"What the (stock) markets are concerned with now is whether the current oil shock will spoil the party," Nomura Securites analyst Anais Faraj said.


"Oil at 50 dollars per barrel is expensive by any measure, and the impact is likely to become visible over the winter season when demand picks up.


"However, the real issue in our mind is whether oil corrects again. Some analysts are targeting prices near 60 dollars per barrel.


"That is possible, but looks very aggressive in our view and would probably bring in a period of sub-par growth," Faraj added.

[izzie]

1. I guess it is not very high to $40 in 1975

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[aneerkoinos]

3. No

Inflation adjusted oil prices are no exact science, but the usual estimate is that $50 is equal to the OPEC crisis and $60 equal to the time after Iranian revolution, which is all time high.

Unless PANIC hits with sky as a limit and if the upwards channel continues as it is, expect $70 before year end or in January.

[Hekate]

2. So, we'll get the balloon payment for gas after the election?

Gas at the pump in my area is always a lot higher than most of the rest of the nation, but I keep hearing that gas generally is not going up that much. So I'm thinking that it should shoot up after the election -- kind of a "November surprise."

Hekate

[Supersedeas]

4. sub-par growth - we are used to that by now