Oil Brakes after Hitting 2-Year High

"Global energy demand will strengthen through 2035."

Oil prices braked slightly after revving to a two-year high Tuesday as the dollar weakened and a new forecast said global energy demand will strengthen through 2035.

Benchmark oil for December delivery added $0.08 cents to $87.14 a barrel in midday trading on the New York Mercantile Exchange.

Earlier, it hit $87.63 a barrel, the highest level since oil hit $89.28 a barrel during intraday trading in October 2008 as the depth of the global financial crisis took hold.

Oil and other energy prices have been climbing for weeks as traders have taken advantage of a weaker dollar stemming from the Federal Reserve's multi-billion dollar bond-buying program designed to revitalize the economy.

While the plan is expected to decrease already low interest rates, the influx of dollars weakens the U.S currency.

"While the market seems to be grinding higher, it doesn't seem to want to back off from these new highs we keep making," Tradition Energy analyst Gene McGillian said.

Many analysts think oil could top $90 a barrel by the end of the year. PFGBest analyst Phil Flynn said one thing holding back a stronger rally is still-plentiful supplies of oil and gasoline and muted demand.

The International Energy Agency said has predicted that global energy consumption will rise 36% to 16.7 billion metric tons of oil equivalent by 2035.

China's demand will jump 75%, which will account for more than a third of increase in energy use, the IEA predicted in its annual World Energy Outlook.

The IEA report also predicted oil prices could hit $135 a barrel and would average $113 a barrel by 2035.

Meanwhile, a cold snap in the Northeast and the Rockies has traders thinking demand may strengthen for heating oil and natural gas as the winter heating season gets under way.

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

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Source: Marc Davis, BNW News (05/25/2010)

Latin America, the world's last great mineral frontier for prolific gold discoveries, is proving a godsend for some lucky investors.

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Source: Marc Davis, BNW News (11/03/2009)

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Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

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