$1.90 Woo Hoo!

Keep going up baby!

Looking good strange one at the moment the CD is really weak against the US dollar but we ve also weakened to against US dollar. So not sure how much longer we'll keep gaining over the CD hopefully for about another 10 cents per £

Oil below $50 for the first time in 3 years...let's hope Oil continues to plummet as this will really undermine the canadian currency...and of course the economy...oops...maybe not

Yes thats crazy low oil prices! bring it on for a little while longer!!

NOOOOOOOOOOO!!!!! I work in the oil industry and the axe man paid a visit to our office yesterday

Free oil by christmas...

http://news.bbc.co.uk/1/hi/business/7692822.stm

I see the "experts" predicting $200/barrel a while back have climbed back into their holes.

Forget supply & demand - oil prices are driven by speculation.
It'll settle down once the media stops fueling the fire.

Uh, don't forget that the pound is still at least partially an oil-based currency; North Sea oil hasn't quite run out yet .

I'm kind of glad now that it's taking so long to set up an account to transfer from the UK, maybe it will be back to $2.00 before I get that organised .

I'm hoping to buy a house in Edmonton in the New Year, so when making offers I'm exposed to an exchange rate risk on the downpayment (only part of which I have now, the rest is coming to me with reasonable certainty). I guess a forward contract might buy out the risk, but I'm not sure how they work. What sort of rate would I be likely to get on $200k for 3 months? Would there be a fixed charge? What's the penalty if I can't complete the deal at the 3 months point? All advice gratefully received - apologies if it's been covered but this is a long thread to search through!

I bought CAD at end October and got 2.0112. The bank rate on the HiFX website was 2.03 (can't remember whether that was bid or ask). At the time I asked about buying ahead for 1 March 09 and was offered 1.9980, and 1.9879 for 1 June 09. There were no other charges for these transactions, you just get the slightly lower rate. I don't know what the penalty is if you subsequently back out. I didn't buy at the time because I wanted to get better than the $2 on which I based my calculations... hindsight eh?

Hope that helps.

hi Posidrive im in the oil industry too! Some of the larger companies are happy with the oil price at the moment it gives them the leverage to buy up smaller companies who are struggling my company has already bought shed loads of assets this month in Canada oil sand and the US so you never know a big player my come in and buy you up! Unless your already working for a big player then that is worrying!!

Current 'low' prices are a short term thing...maybe a year or two at most, they will start increasing again before long, and there will be further, more frequent Oil shocks in the future until we see permanently high prices. Supply is not unlimited, and for the first time in history hasn't increased in 4 years, in spite of the crazy prices, supply will start to decline soon, and when the global economy starts pulling out of recession, demand will drive the price sky high again, especially as some companies are putting their exploration projects on hold (or so I've heard). We need a replacement (Algal Oil maybe?) asap.

Hilarious.....this is a short term forced liquidation. End of.

$1.91

High prices encourage innovators to come up with an alternative, and i dont think an alternative is too far away. Countries like Saudi Arabia do not like extremely high oil prices, as they believe it will only encourage the research into the other methods of power. Affordable oil means there is no advantage to establishing alternatives.

Whilst i expect prices to return in the next 18 months to previous levels, i don't think it is going to be as apocalyptic as many expert make out.

One way to keep the prices down would be to disband OPEC, only then will we see the real prices of oil based on simple supply and demand.