Crude Rebounds, Iran Stalemate and Hurricane Season Cited
Posted on: Jul 22nd, 2008 | By Doug Casey | Filed under Financial News, Oil Investment & Alternative Energy
In the energy market Monday, crude for August delivery, which ends its run as front-month contract today, moved higher, closing at $129.80/barrel, up 92 cents after hitting $132 intraday.
August reformulated gasoline added 5 cents, to $3.22/gallon.
“Oil prices were up partially on the back of the weather concerns,” wrote Michael Davies, an analyst at Sucden Research. “The weather and Iran have much in common, both being highly unpredictable and both having the potential to have a significant impact on prices.”
Davies noted, as Tropical Storm Dolly threatened to build to hurricane strength, that “This has served as a reminder that there remains a threat to oil and gas facilities in the Gulf of Mexico while we remain in the hurricane season.”
Source: Crude Rebounds, Iran Stalemate and Hurricane Season Cited
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