By Jason Simpkins Associate Editor Crude oil prices skyrocketed $4.15 on the New York Mercantile Exchange to close at $94.53 a barrel Wednesday. Prices rose as high as $94.74 in intraday trade, surpassing crude's all-time record trading high of $93.80 a barrel, set Monday. In after-hours trading it soared as high as $95.28 a barrel. […]
Category
Oil
Soaring Oil Prices Spell Trouble For Emerging Markets
By Jason Simpkins Associate Editor Middle East violence and inventory concerns sent oil prices rocketing to record levels above $92 a barrel Friday, spawning recession concerns in the United States and heightening inflationary worries in India and Asia, particularly in China. It’s now virtually certain that oil prices will eclipse the psychologically important $100 a […]
Two "CanRoy" Investments for the Oil and Gas Boom
By Keith Fitz-Gerald Contributing Editor Many investors are convinced that it takes sophisticated investment strategies to rack up big returns. That's just flat out wrong. In fact, the simplest strategies are often the best, and can produce major returns – especially if you align yourself with powerful global trends, such as energy. Among the best […]
Oil Heads For $100 a Barrel, While Some Speculators Brace for a Correction
By Jason Simpkins Staff Writer Oil prices may be headed for $100 a barrel by the end of the year, after speculators successfully pushed crude oil prices through the $90 a barrel level late last week. But many Contrarian Investors believe that – despite the continued strong worldwide demand for oil – prices are already […]
The One Russian Emerging Market With the Most Profit Promise
By Martin Hutchinson Director of Global Investing Research Readers may well have missed the news that Ukraine is currently putting together a new coalition government led by reformist Julia Tymoshenko. “So what?” you may ask. “I can’t know everything. And besides, how do you ever expect me to make a buck out of Ukrainian politics, […]
Record Oil Prices Continue to Push Canada’s Dollar, Inflation
From Staff Reports Surging oil prices have pushed inflation in Canada to its highest rate since May 2006, Bloomberg reported Friday. And right behind it, not surprisingly, Canada’s dollar hit a 33-year high of $1.0344 (one dollar equals 96.67 Canadian cents) — quelling U.S. hopes the Bank of Canada would cut interests rates. The Canadian […]
U.S. Economic Woes Prompt IMF to Cut its World Growth Forecast for 2008
By Jason Simpkins Staff Writer In part because of the U.S. market's economic malaise, the International Monetary Fund (IMF) cut its global growth projections for next year from 5.2% to 4.8%, Bloomberg News reported. In its semiannual World Economic Outlook, the IMF scaled its prediction for U.S. economic growth back to 1.9% from 2.8%. Declining […]
Exxon Mobil Set to Sue Canada Over NAFTA Infraction
From Staff Reports Alleging that Canada has violated the North American Free Trade Agreement with unlawful restrictions, Exxon Mobil Corp. (XOM) has announced its intention to sue Canada in early November for more than $40 million. Arkansas-based Murphy Oil Corp. (MUR) has also warned Canada of its intent to sue for more than $10 million. […]
Soaring Oil Prices, Debt Concerns Send Stocks Skidding Yesterday; Oil Spikes in Asia Today
By Jason Simpkins Staff Writer Stocks tumbled yesterday (Monday) as oil prices soared and three major U.S. banks announced a plan to revive the asset-backed commercial paper market. The Dow Jones Industrial Average fell 108.20 points, or 0.77%, to close at 13,984.80. The broader Standard & Poor's 500 Index closed at 1,548.71, down 13.09 points, […]
PetroChina Surpasses GE as Worlds Second Most Valuable Company; Sets Sights on Exxon
By Mike Caggeso Staff Writer Record oil prices and strong sales and profits have vaulted PetroChina Co. Ltd. (PTR) past General Electric Co. (GE) as the world's second-biggest company by market value. PetroChina also said it had completed procedures for its $5 billion A-share initial public offering and expects to list its shares on China's […]