As I predicted:
Oil tumbled more than two dollars on Tuesday to below $59 a barrel, sinking to the lowest level since February and prompting OPEC’s president to call on the exporter group to deepen supply cuts.
Now, I’m gonna call for oil below $50 before December. Oh, yes. That’s right.
And don’t get scared by OPEC. That cartel’s far less powerful than they let on. OPEC only controls 40 percent of the world’s supply — not enough to truly control prices. If OPEC coutries insist on lowering their output, 60 percent of the world’s ready to raise theirs.