Crude Off Again
Nov 18th, 2008 | By Doug Casey | Category: Financial NewsIn the energy market Monday, oil gave up more ground, with crude for December delivery closing at $54.95/barrel, down $2.09. Gasoline for December delivery dropped 6.5 cents, to $1.1746/gallon.
OPEC President Chakib Khelil said Sunday that the oil cartel may have to wait until December to take action to reach an oil price of $70 to $90 a barrel, since the impact of its latest supply cuts was not clear yet.
But OPEC’s emergency cut that began November 1 “did not mop up excess supply in the market – and another cut in December … may need the cooperation of non-OPEC members to have any teeth,” said Thomas Hartmann, of Altavest Worldwide Trading.
In the meantime, “the continued rumblings of OPEC moving yet another meeting up ahead of schedule to continue slashing output, coupled with the U.S. entering peak heating demand season are helping set a floor under prices,” wrote Neal Ryan, of Ryan Oil & Gas Partners.
Ryan added that, “We’re quickly getting to a point where falling prices are going to cause a greater whiplash upwards in price when the global economy recovers in the coming two years.”
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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.