Oil Takes a Breather
May 13th, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Monday, crude for June delivery finally took a breather, slipping to $124.23/barrel, down $1.73.
Traders responded to the potential for declining demand in the emerging markets. China’s oil imports were reported to have fallen in April, and India’s industrial production grew at the slowest pace since 2002.
“If you have a continuation of that drop in Chinese imports, if that extends beyond a month, and if you have a slowdown in India, that obviously changes the dynamic” for the oil market, said Kyle Cooper, of IAF Advisors in Houston.
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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.