Crude Continues to Climb
Jul 27th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market, crude oil for September delivery rose 89 cents from Thursday to close at $68.05/barrel. August reformulated gasoline rose a quarter of a cent to finish at $1.9159/gallon.
Despite continued worries that oil’s recent run-up can’t be justified by market fundamentals, crude continued to climb Friday on the back of a weaker dollar and stubbornly resilient equities.
“The debate between whether the market should focus on green shoots or current weak demand and over supply goes on,” said Phil Flynn, vice president at futures trading and research firm PFG BEST Research.
“The green shooters have had the upper hand this week, but the real test will be next week,” Flynn added.
“Although we cannot discount further gains, we are somewhat wary about jumping in on the long side at this late stage,” said Edward Meir, analyst at MF Global.
“The stock market advance, in particular, looks somewhat overextended,” Meir added.
Source: Crude Continues to Climb
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.