Energy Continues To Rally; Oil Hovers Around $47

Not that there’s much to go on so far, but the big sector winner so far in 2009 looks like energy. Oil is hovering around $47, and energy firms that had been priced at the basement are catching bids — here on Friday and in Europe this morning.

Of course, there could be geopolitical factors — the Gaza fighting, the Russia/Ukraine energy standoff — but it often works the other way: When energy is rising, people find reasons to get concerned about geopolitics. When energy is collapsing, you don’t hear much about national disputes or pipeline terrorism in Nigeria.

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