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Oil Prices Could be Ready to Rally if History is Any Indication
Last year’s 54% drop in oil prices may have set the table for a rally similar to the one experienced in 1999, when prices doubled after a similar decline.
The so-called “forward curve of futures contracts” traded on the New York Mercantile Exchange suggests prices will rise 28% this year, according to Bloomberg News.
The current curve looks almost the same as it did 10 years ago, when Russia’s default drove oil prices to drop as low as $10.82 a barrel in late December 1998 – a decline of nearly 40% from where they began that year.
At that time, the…
8Jan2009 | Money Morning | 0 comments | Continued
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