Crude Quietly Ends Volatile Week
Jul 19th, 2008 | By Doug Casey | Category: Financial News, Oil Investment & Alternative EnergyIn the energy market Friday, crude for August delivery had a quiet day, giving up some early gains to close at $128.88/barrel, down 41 cents. August reformulated gasoline added a penny, to $3.17/gallon.
The week’s “huge pullback” came “as the economic mess in the U.S. continues, which has hurt current and future forecasted demand for oil,” said Michael Davies of Sucden.
Even though China’s GDP expanded at a robust 10.1% pace in the second quarter, that was down from 10.6% growth in the first quarter, was the slowest pace since 2005, and was below expectations for something closer to 10.3%. It was taken as further evidence that crude demand will decay going forward.
Also factoring in was the perception that there may be a thaw in relations between Washington and Tehran, leading to a lessening of Middle East tensions. Saeed Jalili, Iran’s top nuclear negotiator, expressed cautious optimism about weekend talks in Geneva, to which Washington is sending a top diplomat.
Source: Crude Quietly Ends Volatile Week
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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.