Crude Drifts Lower
Feb 23rd, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Friday, oil sagged, with crude for March delivery falling to close at $38.94/barrel, down 54 cents. March reformulated gasoline dropped 3 cents, to $1.07/gallon.
Yesterday marked the end of March as the front-month crude contract, and it went out with a whimper rather than a bang on a day that often features a great deal more volatility.
But the stock market turmoil proved more influential.
“Fears over a deteriorating global economic outlook sent equity markets tumbling in Asia and Europe, as investors shed riskier positions, with oil prices tracking them lower amid weakening demand concerns,” said Nimit Khamar, an analyst at Sucden Financial Research.
And, “Disappointing euro-zone PMI data highlighted remaining downside risks to growth this morning, and without a lasting stabilization in confidence, energy prices are likely to remain under pressure,” added analysts at Action Economics.
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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.