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Tim Seymour: Don’t Panic As Oil Hits New Highs
CNBC.com | February 23, 2012 | 07:16 PM EST

As oil hit nine-month highs Thursday, “ Fast Money ” pro Tim Seymour took a longer view on the effects that would have in the consumer space.

“I don’t think it’s time to get panicked for the consumer. First of all, this is a supply-disruption issue,” he said. “I don’t know that this needs to be baked into your 2012 numbers yet.”

Seymour of EmergingMoney.com said luxury retail would be the real test on ripple effects of rising oil prices. But he cautioned on getting too short of such names as Tiffany or Coach.

Among oil services, Seymour liked Tenaris.

“They’re the best in the world,” he said. “Buy this weakness.”

London Brent crude for April delivery settled at $123.62 a barrel, rising 72 cents, to mark the highest front-month settlement since May 2 last year. Rising for the sixth consecutive session, U.S. light, sweet crude futures for April settled at $107.83, gaining $1.55, after having climbed to a session high of $108.05, the highest settlement for front-month NYMEX crude since May 4 last year.

Karen Finerman of Metropolitan Capital Advisors said sustained high oil prices would create downward pressure on the stock price of Target and, even more so, Wal-Mart.

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