Jim Rogers: Oil Ignoring Bad News Usually Means a Rebound Is Near

Posted by Jim Rogers via Bloomberg

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  • -1x-1Rogers sees decline in U.S. output helping stabilize prices
  • Investor also sees opportunities in agricultural commodities

Oil is holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound is near.

The Organization of Petroleum Exporting Countries is still pumping near record amounts of oil, China’s imports have slowed and U.S. crude stockpiles remain about 100 million barrels above the five-year seasonal average. Yet, U.S. benchmark prices have held steady for more than four weeks since plunging to a six-year low at the end of August.

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