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Oil hits 7-week high... nearing MAJOR breakout point
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Tuesday, October 13, 2009
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By Daily Crux Editor Justin Brill:

The weak dollar and strengthening demand pushed crude oil to a seven-month high this morning. Early London trading saw crude reach nearly $74 a barrel. This action gets oil closer to a major technical breakout around $75.

Top investment bank Goldman Sachs believes this breakout point will be taken out soon. Goldman has a price target of $85 by yearend.

Ideas to play an increase in oil include oil service names like Transocean (RIG), Noble Drilling (NE), Nabors Industries (NBR)… or try a double long ETF like the PowerShares fund (DXO).

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Topics: Energy | Commodities
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