Energy expert: oil overvalued

Posted May 6, 2011 3:48 pm.

This article is more than 5 years old.

A local energy analyst says even though the price of oil has retreated in the past few days, the commodity is still overvalued.

The President of Schacter Asset Management, Josaf Schacter tells 660News, there are two factors at work that continue to inflate the price of crude: concern over Middle East supplies and the premium for the commodity trade.

He says crude should only be trading around $70 USD, based purely on supply and demand factors.

Schacter says high energy prices are dragging down economic growth around the world.

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