The Case for $35 a Barrel Oil thumbnail Oil prices have plunged by $40 a barrel since late June, to about $66 last week. Some say the selloff is overdone, but Steve Briese, writer and publisher of the Bullish Review of Commodity Insiders, says crude’s decline is only three-fifths completed. Briese (pronounced “breezy”), whose bearish view of oil helped inform our March 31 cover story, “Here Comes $75 Oil,” now projects a low of $35 a barrel, a price last seen in February 2009. Oil fetched more than $100 a barrel when our story was published. In March, we predicted oil could fall to $75 a barrel. The new forecast: a bottom as low as $35 and settling at about $60. Based on his analysis of the most recent Commitments of Traders report, released weekly by the Commodity Futures Trading Commission, Briese notes that the market’s large speculators, mostly […]