10/19/09 Baltimore, Maryland
While we were sleeping this morning, Asian traders (or western insomniacs) seemed intent on finding out:
No real news snapped crude oil out of its five month trading range of $65-75 a barrel… just the usual global rebound buzz. You can’t even blame the dollar – at 75.5, the dollar index is still lousy, but a few tenths of a point above last week’s 12 month lows.
So we wonder, at what point will this recovery trade start stifling the recovery? $80? $100? Or will gas have to cost $4 a gallon again before anyone notices? And if demand really is rebounding, can the world supply handle it?
Ian Mathias
Ian Mathias is the managing editor of Agora Financial’s Income Franchise, where he writes and researches about retirement, dividend and fixed income investing. Much of his work is featured in The Daily Reckoning and Lifetime Income Report – Agora Financial’s flagship income investing advisory.
Previously, Ian managed The 5 Min. Forecast, a fun, fast-paced daily look into the future of global markets and macroeconomics. He’s also worked in public relations, where media outlets like Forbes, AP, Yahoo! and MSN Money have syndicated his writing. If he’s not at work, you’ll probably find Ian on a bicycle, racing up and down the “mountains” of Baltimore County. Ian has a BA from Loyola University in Maryland.
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Somebody somewhere is turning off the oil tap. Sounds like the SOS.