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Finally, A Breather in Oil & Gasoline Prices (USO, UGA)

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By Jon C. Ogg Published
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Crude-oil futures are trading lower so far this Monday morning.  There is becoming a fear that higher oil prices could damage the global economic recovery.  Today’s move may just be proof that higher and higher oil prices end up curing high oil prices as eventually consumers and businesses curtail their driving. April oil futures are currently down $0.69 at $109.08 after last week’s gain was the largest in weeks

Supply disruptions due to Iran;s threats about trying to shut the Gulf of Hormuz and the equally important concern that Israel may strike Iran as it keeps up with its nuclear ambitions.  Iran has effectively said it will not sell to the West now as the West has undergone a boycott.

The one issue which may be helping is the belief that the strategic petroleum reserve will be tapped to ease price pressure.  Another possibility is higher margin trading requirements which could come at any time, and that would make it more expensive to speculate in energy prices.

The United States Oil Fund (NYSE: USO) is down 0.7% at $41.69 and the United States Gasoline Fund LP (NYSE: UGA) is down 0.6% at $56.81 in the pre-market.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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