my own blog post

Yahoo Finance Editor-in-Chief Aaron Task says the report is on par with comments made by OPEC earlier this week. “They basically said that non-OPEC producers are going to start cutting production and that’s going to put a floor on oil prices.” Task cautions reading too much into the IEA estimate but does think we’re getting closer to stabilization. “I don’t think you will see oil prices go back up dramatically anytime soon because the demand isn’t there and seems to be falling from the lack of economic activity we’re seeing around the world.”

Task says the more important factor is the steadying of prices. Oil prices are down nearly sixty percent since last year and that’s great news for consumers but the dramatic swing can startle the financial markets. “Oil prices going from $100 to $47 in less than six months are a problem because there is all kinds of fallout. It has everybody spooked about what the global economy is doing.”