Blog PostMarket Reporter's Notebook

                The oil price made some significant moves Thursday, dipping down as low as $54.67 on Globex - a 22 month low, says MarketWatch, and ending the day up above $58 per barrel. Considering the record highs of the summer, the topic was unsurprisingly a hot one in the media and on the Stockhouse Bullboards alike.

Reuters reported Thursday that the Organization of the Petroleum Exporting Countries said it was considering an emergency meeting at the end of November in Cairo. Following the announcement, it was reported that oil prices steadied, recovering from its record lows, as December crude closed at $58.24 per barrel Thursday on the New York Mercantile Exchange, up 3.7%. 

On the Stockhouse Bullboards, the topic has been much discussed over the last couple of days, with members weighing in on various aspects of the topic. On the Oilexco Bullboard, for example, oil-guy said Wednesday night: “oil prices should improve once they bottom out, $45-$50...Also once the american dollar starts tanking, which it will its only a matter of time....[sic].” Bigpaulbunyon said on Thursday: “Oil, after being down most of the day are starting to rise..due to both another OPEC meeting Nov 25 and also a U.s Oct deficit of 237 billion ..wowwww[sic].”

Also, Stockhouse columnist  Peter Leeds contributed an interesting article Thursday commenting on the $50 dollar tipping point for oil, including the effects this would have on the green movement - an interesting thought, given all of the efforts made recently in this direction. 

No doubt investors will be watching the price closely on Friday...