Crude Oil appears to have bottomed at the end of February 2009. Over the last 2 weeks the Weekly oil inventory report has shown falling crude inventories. Also, OPEC will probably make further production cuts on March 15, 2009. Saudi Arabia will be the key to success for OPEC. If the Saudis support this production cut we have a chance at seeing crude rise between $10-$15 per barrel from these levels. This rise may go higher if we can see a decline in the dollar over the same time period.
My Picks include UCO,DXO,UOY,DIG,OIL,USO,OIH,ERX,DBO.
$19.34 (01/29/09)
