Oil Shoots Higher
Mar 10th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Monday, oil rose again, with crude for April delivery closing at a two-month high at $47.07/barrel, up $1.55. April reformulated gasoline tacked on less than a third of a cent, to $1.3351/gallon.
OPEC was on everyone’s mind.
“Crude-oil prices may be dictated by noise of further production cuts from OPEC nations this week, ahead of the meeting at the weekend,” wrote Nimit Khamar, analyst at Sucden Financial Research. This could push crude toward $50 a barrel, he said.
“A sustained rally beyond there is unlikely, given large-scale risk aversion and concerns over the global economy,” Khamar added.
OPEC Secretary General Abdalla el-Badri said yesterday that oil prices at about $40 a barrel were not suitable because they would not guarantee investment in future capacity beyond 2013.
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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.