Oil skies well past $116
Apr 19th, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Friday, crude for May delivery resumed its upward arc, closing at $116.69/barrel, up $1.83. May reformulated gasoline gained 3.15 cents and inched closer to the $3 mark, ending at $2.9893/gallon.
Traders attributed the day’s action to news that the main militant group in Nigeria’s oil-rich Delta region said it sabotaged a pipeline operated by a unit of Royal Dutch Shell on Friday.
“With this pipeline blowing up, traders have to think what else could happen over the weekend,” said Phil Flynn, of Alaron Trading. “The bears are already having kind of a weak hand now.”
Flynn added that, “The rise in the [oil] price has little to do with supply and demand, and has everything to do with the value of the dollar … It really is all about the dollar right now and if the dollar shows any sign of strength, you’ll see a lot of money come out of oil very quickly.”
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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.