Saudi Arabian Oil Minister Naimi Says Oil to Reach $75 a Barrel
May 24th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Disclosure: I’m long oil.
Remember this chart from May 2?
West Texas Intermediate Crude Oil, weekly interval
The relationship between oil prices and the U.S. Dollar Index:
U.S. Dollar Index vs. West Texas Intermediate Crude Oil, daily interval
Via: Bloomberg:
Saudi Arabian oil minister Ali al- Naimi said the price of oil will climb to $75 a barrel when demand picks up.
“We’ll get there eventually,” al-Naimi told reporters in Rome today where he will attend meetings with energy ministers from the Group of Eight industrialized nations. “The trick is keeping it between $70 and $80. It will be achieved as demand rises and the fundamentals are better than they are now.”
