Speculators could prove useful in pushing oil prices down

09/30/2008 | BloggingStocks

Monday's Wall Street collapse helped push oil down nearly $10 a barrel as investors bet that a crippled U.S. economy will demand less fuel. Blogger Douglas McIntyre, an editor at 247wallst.com, says speculators could now play a key role in driving prices down, just as they earlier helped push crude to record highs. "If those buying futures begin to gamble that oil will move down and if they begin to short crude, the downward push on oil could become significant," he says. "Perhaps they can do some good pushing prices down and make a ton of money in the process."

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