Jim Rogers: Crude Oil Price Rebound Near?

Well-known investor, author, and financial commentator Jim Rogers is watching the price of crude oil very closely these days. Jonathan Burgos reported on the Bloomberg website Thursday night:

Oil is holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound is near.

The Organization of Petroleum Exporting Countries is still pumping near-record amounts of oil, China’s imports have slowed and U.S. crude stockpiles remain about 100 million barrels above the five-year seasonal average. Yet, U.S. benchmark prices have held steady for more than four weeks since plunging to a six-year low at the end of August.

“When there’s bad news and something doesn’t decline, it usually means it’s at a bottom and will be turning,” Rogers, who correctly predicted a commodities rally in 1999, said in an interview in Singapore on Thursday. “Whether we’re at a turning point or not, I don’t know yet, and I’m watching this very closely.”

(Editor’s note: Bold added for emphasis)

The former investing partner of George Soros in the legendary Quantum Fund added that recent production cuts will help stabilize the price of crude oil. It’s an insightful piece, which you can read in its entirety on Bloomberg.com here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

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Sunday, October 4th, 2015 Commodities, Crash Prophets, Energy

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