Oil broke above $86 a barrel Tuesday for the first time ever. Will it keep moving higher? On CNBC’s “Closing Bell” Pete Najarian reveals how he's playing the surge.
Adam Hewison, a former commodities trader and now president of Ino.com tells Dylan Ratigan that technicals suggest to him that oil will move higher over the days and week’s ahead.
"It’s possible we’ll see $100 oil," says Hewison. "And the thing that’s driving the oil market is the dollar. We’re looking for the dollar to move down 10%. Remember oil is priced in dollars.”
He adds, “What that will translate to for consumers is higher prices at the pump.”
I think the way to play oil's rise is the service sector because they’re not as dependent on the price of crude,” says Najarian. Of course when the price goes higher it’s better for them.
In the space, Najarian likes Baker Hughes (BHI).