What the Pros Say: Oil Plunging to $10

Thursday, Jan 7, 2010  |  Updated 4:38 PM CDT
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What the Pros Say: Oil Plunging to $10

Oil prices plummeted Friday as concerns increased over energy demand in the slowing global economy. Experts tell CNBC the commodity could fall to $10 a barrel.

Oil May Crash to $10

Oil prices may crash as low as $10 a barrel, says Devina Mehra, chief strategist at First Global. She explains her extremely bearish outlook on oil.

 

Output Cuts Not Always Supportive for Oil Prices

If Russia announces a bigger-than-expected joint production cut with OPEC next week, it may cause oil prices to fall, says Jonathan Kornafel, director of Asia at Hudson Capital Energy.

Things Could Worsen for the Chip Industry

Devina Mehra, chief strategist at First Global does not believe that the semiconductor sector has bottomed out. In fact, she sees further demand destruction in the chip industry.

Auto Bailout Will Eventually Be Passed

The auto industry bailout plan is likely to face opposition in the U.S. Senate, after the House approved it yesterday. But Justin O'Brien, VP of Citi Smith Barney believes the plan will eventually be passed.

 

Republicans Likely to Improve on Auto Rescue Plan

The Republicans legislators have a lot of leverage now to try and pass an auto bailout plan that is even more favorable to taxpayers, says Michael Yoshikami, founder, president & chief investment strategist at YCMNET Advisors.

Fed Unlikely to Bring Rates to 0%

The Fed is unlikely to cut rates to 0%, thinks Michael Yoshikami, founder, president & chief investment strategist at YCMNET Advisors. He tells CNBC what else the Fed can do to boost the slowing U.S. economy.

US GDP Could Drop 7% in Q4

The US economy could face a 6/7% annualized drop in growth domestic product in the fourth quarter, according to Neil MacKinnon, chief economist at ECU Group.

He sees real problems in the US economy and doesn't expect the situation to improve any time soon.

"The hope for a mid-year recovery is looking quite demanding," MacKinnon told CNBC.
"The outlook for equity markets may be for a long period of fairly compressed returns."

For more stories from CNBC, go to cnbc.com.

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