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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 | ContinuedCrude Oil Futures Post Record Gain as “Peak Oil†Expert Calls for Rally to $500 a Barrel
Crude oil futures zoomed more than $16 a barrel yesterday (Monday) – and traded as high as $130 a barrel – thanks to a steep decline in the U.S. dollar and speculation that the Bush administration’s plan to bail out the financial sector might actually jump-start the U.S. economy.
The record single-trading-session gain came on a day when CNNMoney.com republished a brand new Fortune magazine story in which author and noted “peak oil pundit” Matthew R. Simmons stated that crude prices were headed for $500 a barrel.
Story continues below…
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