Thursday, October 22, 2009

From the Press: As the Dollar Sinks, Oil Skyrockets

Interesting that they notice the Oil Skyrockets after its already up 15 bucks! Be careful, oil rally is getting mature.
As the Dollar Sinks, Oil Skyrockets
HOUSTON — Crude oil soared to close above $80 a barrel on Wednesday, breaking that psychological barrier for the first time this year, despite weak global economic conditions.
Prices have been up in 9 of the last 10 trading days, owing at least in part to the slide of the dollar. Many oil analysts predicted that prices would continue to rise in coming weeks and could reach $100 a barrel by early next year.
“Oil is just flying,” said Phil Flynn, senior market analyst at PFGBest Research, a futures trading firm. “It’s off to the races.”
Analysts said rising oil prices reflected confidence that the economy was beginning to rebound from a deep recession, as well as higher demand from refineries for superior grades of oil that were cheaper to refine.

© 2009 m3, ltd. All rights reserved.