Chicago, IL (PRWEB) March 27, 2008
Emanuel Balarie, Chief Editor of Commodity NewsCenter and author of the book, Commodities for Every Portfolio: How You Can Profit from the Long-Term Commodity Bull, recently announced on his new website that he believes oil prices are due for a continued correction from their record highs.
"I have never seen so many people jump on the "$100+" oil bandwagon, as I have seen over the last several months.", wrote Mr. Balarie. "And yes, as a contrarian, this makes me a tad bit uncomfortable."
This bearish outlook on oil is a change for Mr. Balarie, who was one of the first market strategists to predict $100 oil when oil was still trading under $50/barrel.
"In my opinion, we are now in the oil pullback mode. The move to $110/barrel was largely based on speculation and hedge fund interests. Fundamentals did not warrant such a rapid move up. Currently, energy supplies are showing a buildup and a slowdown in the US economy (the largest oil consumer) will have an impact on oil demand."
Mr. Balarie went on to say that while he believes that oil prices will likely come back down to the $80/barrel level, the long-term bull market in oil and commodities remain intact. His longer term projections on the oil market places oil at over $200 barrel.
Investors interested in learning more about Emanuel Balarie's outlook may visit http://www.commoditynewscenter.com where they will be able to read his current and past commentary on the commodity markets.
Commodity NewsCenter is also offers a free weekly commodity newsletter service. sign up here.
About Emanuel Balarie:
Emanuel Balarie is the Editor of Commodity News Center and the author of the highly acclaimed book, Commodities For Every Portfolio: How You Can Profit From The Long-Term Commodity Boom
Mr. Balarie's industry experience ranges from commodity stocks to futures to alternative investments. He is a highly regarded advisor to clients and institutions on the commodity markets, and has had his research published all over the world. In addition to his several CNBC appearences, Balarie is frequently quoted in financial publications such as The Wall Street Journal, Reuters, Marketwatch and Barron's.
Mr. Balarie was one of the few market strategist to correctly predict this multi-year bull market in commodities, the decline in the US dollar, and the downturn in housing.
About Commodity NewsCenter:
CNC was created with the focused purpose of providing investors, industry experts, and market followers with a one-stop shop for the commodity markets. Whether you are a beginner or a market wizard, this site has something for everyone. Please feel free to look around and navigate through our site. You will notice that in addition to providing you with commodity news and quotes, there are a ton of resources and educational tools that will help you navigate through the commodity markets.