Will the price of OIL sink any lower?

Today the CDN$ hit a 30 year low of 79 cents against the USD. That's only one year after hitting a 30 year high of parity with the USD.

The reason I ask about the price of oil is that it is inextricably linked to the value of the CDN dollar. High oil = high CDN$. Low oil - Loonie in the crapper.

Will the price of oil (and subsequently the value of the Loonie) keep sliding or has it hit bottom? Right now the price of oil is $67.43 USD.

[edit on 10/22/2008 by sc2099]

I think it's due for a little bump up soon because opec is suppose to cut supplies.

Total guess, but I bet it'll continue to trickle down until elections.

yep.. whithin 2 months Id be willing to bet it'll be back up to 4-5 a gallon..
especially with winter coming up.. :-]

we are at their mercy we know it, they know it, everybody knows it..

and think about it.. if you were able to work LESS and get paid MORE..
you would do everything in your power to make that your reality..

why would these billion dollar pockets be an different..
they need new mansions.. and their children havent had new
cars and wardrobes in weeks..

[edit on 10/22/2008 by KATSUO]

Here is an oil soothsayer...FWIW


www.youtube.com...
part 1 (fairly slow starting but stay with it)

www.youtube.com...
part 2

www.youtube.com...
part 3

www.youtube.com...
part 4

www.youtube.com...
part 5