Is oil on the rise?
*Bloomberg, by Mark Shenk, March 31, 2009:
"Crude Oil Rises, Set for Biggest Monthly Increase Since May
Crude Oil rose, heading for its biggest monthly gain in almost a year,
as equities increased and a weaker dollar enhanced the appeal of
commodities.
Oil climbed as much as 3.2 percent after European stocks rebounded from
the largest drop in four weeks and U.S. futures advanced. Energy, metal
and grain prices gained today as the U.S. currency’s drop made
dollar-denominated goods more attractive to buyers.
'The fundamentals of the oil market have been shoved to the background
as we focus on the stock and currency markets,' said Jim Ritterbusch,
president of Ritterbusch & Associates, a Galena, Illinois, energy
consultant. 'Oil is trailing the equity market and has been moving in
the opposite direction of the dollar.'
Crude oil for May delivery rose $1.26, or 2.6 percent, to $49.67 a
barrel at 9:04 a.m. on the New York Mercantile Exchange. Oil has gained
11 percent this quarter after tumbling 56 percent in the previous three
months."
*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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