One of the easier ways to trade oil prices is with the United States Oil Fund (USO: 35.09 0.00 0.00%). Here’s a recent chart …
Will we see oil break out to the upside? I think so. Surging demand from China and other emerging markets is filling the gap left by declining demand in OECD countries. Mexico oil production has dropped 25% since 2004 and is expected to fall again in 2010. The U.K.-based Guardian newspaper quotes IEA sources admitting the agency’s figures for future oil production were inflated because of U.S. pressure.
But I have stops in place in case I’m wrong.
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