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David Dreman: Black Gold

July 08, 2005
With demand outstripping supply, oil prices are bound to stay high for some time. So, despite their run-ups, oil stocks are still cheap.

The price of oil is one very big factor that makes this stock market tough to navigate. Every time oil prices edge up, investors get nervous. In late June, when per-barrel costs moved above $60, the market swooned. Meanwhile, economic growth has slowed, along with employment increases. To further disconcert investors, prices of non-oil commodities and industrial materials are off.

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