Crude Rebounds
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In the energy market Friday, crude for July delivery rebounded, closing at $134.62/barrel on its final day as the front-month contract, up $2.69. July reformulated gasoline rose 8.7 cents, to $3.4392/gallon.
“A softer dollar along with reports that Israel’s air force conducted a dry run of an attack on Iran nuclear facilities earlier in June have supported prices,” said analysts at Action Economics
Zachary Oxman, of Wisdom Financial, believes the bullish trend is here to stay, noting that yesterday “you could see a bit of new buying interest coming in on top of some short covering as we continue our extension toward $150, which I think we’ll see inside of one month.”
Meanwhile, traders were awaiting the results of this weekend’s meeting in Jeddah, Saudi Arabia, which brings together members of OPEC and representatives from the world’s oil-consuming countries.
In anticipation, Edward Meir of MF Global said that, “We would be very surprised to see the Saudis send participants home without sending the markets a clear signal that more crude is on the way.”
Source: Crude Rebounds
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Tags: , Doug Casey, energy, MF Global, oil, OpecAbout the Author
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.