Dicker: Oil Prices Drop Under $100 on Weak China Data
NEW YORK (TheStreet) -- I was talking to Jim Cramer today about oil's latest retreat under $100. While oil has become difficult and trendless of late, I told Jim I thought that every drop under $100 represented an opportunity to buy specific American exploration and production companies.
Oil prices moderated on Tuesday with the release of Chinese PMI figures that were again weak, the third month in a row. Add a relief of tensions from the Ukraine and another stockpile build that was largely expected and you saw prices swoon almost $2.
But despite Barron's recent cover story predicting oil prices would fall to $75, I think just the opposite is the case, and we will see continually higher oil prices in 2014 and beyond. That makes American producers of oil a great investment for the long-term.
Two that I particularly like is EOG Resources
I talk more about oil and the opportunities in U.S. E+Ps with Jim in the video above.
At the time of publication the author had a position in EOG.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.