Oil A Bit Higher
Feb 4th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Tuesday, oil rose, with crude for March delivery closing at $40.78, up 70 cents. March reformulated gasoline added 1.78 cents, to $1.167/gallon.
“Oil is gaining on OPEC talks,” said Phil Flynn, of Alaron Trading. “The pending home sales also give hope to the market that the economy can recover.”
OPEC’s 11 members bound by output targets pumped 26.23 million barrels a day of oil in January, down from 27.24 million in December, analysts found. But that was higher than their target of 24.84 million that took effect on January 1.
Saudi Arabia, OPEC’s top producer, did reduce supply by 230,000 barrels a day, to bring its output slightly below its implied target. Struggling Venezuela, though, lowered supply by less than its projected cutback.
Perhaps a bit wryly, Flynn added that, “Oil bulls latch on to every ray of economic sunshine they can in these cloudy economic times.”
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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.