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The Oil Report, November 6, 2006

With NYMEX oil floating in the high US$50s and low US$60s right before the election day, forecasts range from “going down more” to “going way up after,” but no one seems to really know what is going on there. On the G.U.N. gold versus barrel of goods chart from today, we can see how far NYMEX fell versus all the commodities in just the past 60 days. If you watch the graph, you’ll see that NYMEX crude oil stuck with the barrel of goods average fairly well from the start of the chart, May 9, 2006, until September 6, 2006. At that point (about 60 days ago), it really fell sharply.

Read this entire article at the oil report site.