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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