Crude Rallies Back
Oct 14th, 2008 | By Doug Casey | Category: Financial News, Oil Investment & Alternative EnergyIn the energy market Monday, oil rallied off of Friday’s plunge, and last week’s overall 17% decline, with crude for November delivery pushing back over the $80 mark to close at $81.19/barrel, up $3.49. November reformulated gasoline rose 11.1 cents, to $1.9176/gallon.
Oil prices will continue to meander around their current level “until we get word out of OPEC about what their next move is going to be,” said Neal Ryan of Ryan Oil & Gas Partners. “Many members have tagged the $80 per barrel price as their acceptable floor and that’s where we are now.”
Ryan added that, “Prices might snap back to the $90 level in the next week simply because the market was oversold sharply, but I don’t see prices back into triple digits in the short term.”
However, “Longer term, the economic health today will be a bit of a wash for the price because eventually we’ll begin to refocus on the supply-demand issues that ultimately will drive prices much higher,” Ryan concluded.
Source: Crude Rallies Back
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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.