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
Advertisement
How Drastically Could You Improve Your Investing in Just 2 Months?
Marion from Surrey, British Columbia said “Since I have joined MarketClub I have made $7,000.” Darrin from Minnesota made 159% on his first trade.
Countless other members over 40 countries tell the same story. Their success was thanks to a powerful, simple-to-use investment tool named MarketClub.
With MarketClub you receive access to…
* A proprietary scanning tool that identifies charting patterns primed for large moves.
* The customizable News Scan that lets you set up a scan to find stories on only the markets that you want to know about.
* The Trader's Blog which lets you share ideas with fellow traders along with the MarketClub team. We’ll answer your questions, post tips, share trading ideas, and post online market analysis videos based around MarketClub's methodology and tools.
And much, much more.
The best part is that right now, you can try MarketClub RISK FREE for 2 full months.
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.