Crude Pushes Higher Again
Jan 6th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Monday, oil broke out to the upside, with crude for February delivery closing at $48.81/barrel, up $2.47 from Friday. February reformulated gasoline gained 7.19 cents, to $1.1824/gallon.
Israel’s invasion of Gaza was most often cited by analysts as responsible for the rally.
But MF Global (NYSE:MF) analyst Michael Fitzpatrick noted that while the prospect of violence in the Middle East “must be taken into account whenever considering oil prices … it must be remembered that neither side [Israel or the Palestinians] controls any oil.”
Fitzpatrick added that “rising oil prices acknowledge investors’ realization that demand does not warrant prices at current levels, particularly if stimuli under consideration involve considerable investment in infrastructure.”
Nevertheless, with an Iranian Revolutionary Guard commander on Monday urging Islamic nations to use crude as a weapon to exert pressure on nations supporting Israel, according to the Associated Press, geopolitics is bound to play its part.
Source: Crude Pushes Higher Again
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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.