Cobra's Market View

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Rising oil prices are driving up inflation. When inflation increases, it becomes less likely that the US Federal Reserve will cut interest rates. If investors expect interest rates to stay higher, gold becomes less attractive because it does not pay interest, while other investments do.

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. The company operates in Delaware Basin located in southeast New Mexico and west Texas, Eagle Ford located in North America, Anadarko Basin located in western Oklahoma, Williston Basin located in North Dakota, and Powder River Basin located in Wyoming. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.