BlackRock's Bob Doll: Higher Oil Prices Could Signal Recovery
Interesting take on oil prices from BlackRock's global CIO of equities, Bob Doll:
As a broader measure, we can also look to oil prices. After falling to a low in the mid $30 a barrel range in December, oil prices recently climbed back above $40 a barrel. While rising oil prices are generally regarded as a negative for stocks, we would argue that in the current environment, higher oil prices could be a sign of possible economic recovery. While the recent upturn is no doubt at least somewhat associated with tensions in the Middle East, oil prices do not bear close watching as a gague of overall economic health. On the same front, a renewed upturn in gold prices would present evidence of improving global economic health.
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Higher oil prices
There's nothing good about higher oil prices for the working man. When energy/commodity speculation drove it to over $4.00 a gallon the economy tanked quick. Hang on tight, we're in for a long ride (mostly downhill...)
Up Production in the Bakken
S good start, both for the economy and for pay down on IOU's to China would be full steam ahead in Bakken Basin Oil production. Seems a Win Win for all.
Is the sleeping giant dozing off again?
Based on what happened after the oil price "crisis" of the '70's and the current consumer trend to returning to pre-2008 oil prices and the sudden lack of headlines by the media or urgency by the politicians, it appears that the only thing that will cause this country to get and stay serious about becoming independent of imported oil is high oil prices.
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