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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 76.14+0.9%9:58 AM EST
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To: RetiredNow who wrote (67774)5/3/2005 10:47:05 AM
From: JakeStraw  Read Replies (1) of 77400
 
*******OFF TOPIC*******

Bear Stearns believes oil has much further to fall
By Tomi Kilgore

NEW YORK (MarketWatch) -- Bears Stearns analyst Frederick Leuffer reiterated his belief that crude oil prices have much further to fall as softening demand has now teamed up with oversupply as downside catalysts. Leuffer is forecasting $40 a barrel for West Texas Intermediate in 2005 and $25 a barrel in 2006. He believes that current world oil supply exceeds projected demand by more than 2 million barrels a day, and that is expected to increase. He also noted that there are currently 1 billion barrels of crude oil in above ground storage in the U.S., an all-time record. "Simply put, we are awash in oil," Leuffer said. "If oil markets continue to be oversupplied, we expect the 'fear premium' to abate and the oil bubble to burst." Meanwhile, Leuffer sees signs that demand is softening, with Chinese demand growth down 65% from the 2004 rate. He also pointed out that sales of sport utility vehicles in the U.S. have declined sharply while sales of more fuel-efficient vehicles, including hybrids, have increased. June crude futures were last down 72 cents at $50.20, and have now lost $9.12 since reaching and all-time high of $59.32 on April 4.
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