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Strategies & Market Trends : Ask DrBob

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To: gongoman who wrote (99157)	7/29/2008 3:10:01 PM
From: Drbob512	Read Replies (2) of 100058

gongoman: First we need to see crude hold support at 120, if not, then next support is at 110. If it holds, then it could be rangebound between 122-130. Driving in the U.S. has indeed been down in the last reading by a lot, to my surprise. Hard to know if next month will be even less driving. If gasoline prices stay at curren levels or goes down, then driving may perk up a bit. Unless there are hurricanes or geo-political problems, crude will be hard-pressed to retest 147 again this year. but even at 110-130/bbl, oil producing companies will make a lot of money. drbob

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