This morning Bloomberg’s hyping Brent Crude off 2% or so for the day. That’s hardly a big move. Goes with the territory. Oil’s been in the $55-$65 range for many months now. That’s about mid-way between its record high north of $130 (2008) and its recent low of around $26 (2016). D&C spoke positively about the outlook for oil in a recent report (last spring). They’ve gone slightly overweight refiners in their balanced fund (DODBX). However, T Rowe’s New Era (PRNEX) management has been quite negative on oil (and commodities in general) for several years.
Bloomberg so far is missing possibly the bigger story of the day - gold slipping about $15 to below $1500 only days after reaching its recent high in the $1530-$1540 zone. Miners have been slammed the past two days - off near 5%. Look for more bleeding today.
Insights on other markets welcome!
