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Oil Prices

March 22, 2011
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As I am long quite a bit of oil, the prices here are starting to concern me. It appears that the Libyan invasion, while far from completely over, may have passed its worst. I think the market has “0 Libyan oil” priced in. Bahrain appears to be quiet, and the Saudis showed they have what it takes to squash protests. The other thing is that the dollar has been dropping hard over the past several days and that hasn’t had much of any effect on oil prices. I am going to hedge some of my exposure here, and consider buying on any kind of dip.

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