Will crude oil prices be supported at current levels?
*Bloomberg, by Grant Smith & Christian Schmollinger, August 27, 2008:
"Crude Oil rose for a third day on forecasts Tropical Storm Gustav
will strengthen as it enters the Gulf of Mexico, home to 26 percent of
U.S. production.
Gustav is expected to return to hurricane status before reaching Gulf
platforms, according to Jim Rouiller, a senior energy meteorologist
with Planalytics Inc., a forecaster based in Pennsylvania. U.S.
gasoline inventories probably fell a fifth week, dropping 2.45 million
barrels, according to a Bloomberg survey before today's Energy
Department report.
'The threat of storms like Gustav will prevent oil prices falling
further, so we see the market supported above $110 until the end of the
hurricane season,' said Ingrid Angermann, an economist at Dresdner Bank
AG in Frankfurt.
Crude oil for October delivery rose as much as $2.26, or 1.9 percent,
to $118.53 a barrel on the New York Mercantile Exchange. It was trading
at $118.13 at 1:40 p.m. London time. Prices are up 63 percent from a
year ago.
Futures have dropped 21 percent from a record $147.27 a barrel reached
on July 11. Yesterday, oil rose $1.16, or 1 percent, to settle at
$116.27 a barrel."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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