Crude Little Changed
Jan 7th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Tuesday, oil broke over $50 but then retreated, with crude for February delivery closing at $48.58/barrel, down 23 cents. February reformulated gasoline gained less than ¾ of a cent, to $1.1892/gallon.
“The first attempt against the $50 psychological level is keeping a lid on this market,” said Burton Schlichter, of New World Trading.
But Phil Flynn, of Alaron Trading, was blunter. “Oil is running out of steam because at the end of the day the global crises have not cost the globe one drop of oil,” Flynn said.
Yet, one might add, as supply cuts haven’t really kicked in. Iran and Kuwait said they will deepen curbs on supplies to customers this month, joining OPEC peers in cutting back output, Reuters reported.
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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.