In the energy market, crude oil for September delivery rose 89 cents from Thursday to close at $68.05/barrel. August reformulated gasoline rose a quarter of a cent to finish at $1.9159/gallon.
Despite continued worries that oil’s recent run-up can’t be justified by market fundamentals, crude continued to climb Friday on the back of a weaker dollar and stubbornly resilient equities.

“The debate between whether the market should focus on green shoots or current weak demand and over supply goes on,” said Phil Flynn, vice president at futures trading and research firm PFG BEST Research.

“The green shooters have had the upper hand this week, but the real test will be next week,” Flynn added.

“Although we cannot discount further gains, we are somewhat wary about jumping in on the long side at this late stage,” said Edward Meir, analyst at MF Global.

“The stock market advance, in particular, looks somewhat overextended,” Meir added.

Source: Crude Continues to Climb

Last 5 posts by Doug Casey

• Resource Stock Roundup:Monday, July 27, 2009 - July 27th, 2009
• Base Metals Higher - July 27th, 2009
• Dollar Moves Lower - July 27th, 2009
• Gold Pushes Through $950 - July 27th, 2009
• Resource Stock Roundup:Friday, July 24th, 2009 - July 24th, 2009