Oil Retreats From Record High
Apr 18th, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Thursday, crude for May delivery edged slightly lower, closing at $114.86/barrel, down just 7 cents. May reformulated gasoline gained 1.88 cents, to $2.9578/gallon.
Crude retreated after the contract hit a record high of $115.54 a barrel earlier in the day, as traders continued digesting Wednesday’s surprising inventory decline.
The unexpected fall “is particularly impressive,” wrote John Kilduff, of MF Global. “A weaker trending dollar continues to be a key impetus behind the rally in crude oil and the greenback shows no definitive signs of bottoming yet.”
And Petroleos Mexicanos, the state-owned oil company whose proved reserves have fallen by more than half since 1999, set a goal of adding 6.3 billion barrels of crude equivalent to its reserves in the next four years.
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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.