Oil Cuts Losses And Moves Higher
Jan 26th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Friday, oil reversed early weakness again and moved higher, with crude for March delivery closing at $46.47, up $2.80. March reformulated gasoline rose 6 cents, to $1.18/gallon.
As commodities rose across the board, with the Reuters/Jefferies CRB Index rising 3.3%, oil benefited as well.
“People are running out of Treasurys and moving into the commodities as a safe haven, because they are wondering what will be the next shoe to drop,” said Phil Flynn, of Alaron Trading.
Also factoring in was data a report from Petrologistics, which estimated that OPEC’s oil supply, excluding Iraq, will decline by 1.55 million barrels per day in January.
And some traders are still hoarding crude. Inventory levels at Cushing, Okla. — the delivery point for oil futures used on the New York Mercantile Exchange — rose 200,000 barrels to reach a record 33.2 million barrels.
Source: Oil Cuts Losses And Moves Higher
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