FatalWishes
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Oil prices jump above $65; first time for 2009
| Quote From Source: | NEW YORK (AP) -- Oil prices closed above $65 per barrel Thursday for the first time in six months as OPEC maintained crude production levels as expected and a pair of reports suggested a slightly brighter economic picture.
Benchmark crude for July delivery added $1.63 to settle at $65.08 a barrel on the New York Mercantile Exchange.
In London, Brent prices gained $1.89 to settle at $64.39 a barrel on the ICE Futures exchange.
Retail gas prices have shadowed oil prices, ticking higher every day this month. Gas prices are not only rising because of crude. Refiners, stung by falling demand for gasoline, have cut back sharply on production this year.
| | Click source url to view entire story. |
Source Yahoo Finance
Source URL:
http://finance.yahoo.com/new...;pos=4&asset=&ccode=
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Indy
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The economy is in the toilet. The last thing we need is gas going over $2.60 a gallon for regular unleaded which it is where I live.
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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DanG
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all in all it's just
another brick in the wall
countdown to Summer of Hell ... |
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MattN
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I suspect speculators at work, again. Demand for oil is low, yet prices continue to go up. Normal supply and demand is not setting the price. Somethign else is going on, and it's called BULLSHIT!
There is no more/less oil in inventory than a few months ago when we were aroudn $40-$45/per. |
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MattN
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I take it back.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
There appears to be more crude inventory stock than a few months ago. Which make the latest runup even more bullshit.... |
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MountainManMike
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yeah, im sick of paying for expensive gas...on a side note, has anyone seen the raser technologies 100 mpg hummer? |
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Indy
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The other day a local Speedway tried to set the price of regular unleaded to $2.99 a gallon. Fortunately they were not able to get other stations to match the price and later on they came back down to $2.59.
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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FatalWishes
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Oil is a commodity. As the dollar goes down, that money is being put into gold, oil and other metals and stuff. Its is also why we gained 2.5% in May on the market. The energy sector helped keep the market inflated.
Watch gold and the USD. They will tell you what is going to happen with oil. Right now its a safe haven against a crashing dollar. If the bond market explodes ...well I think I've discussed that already.
A weak dollar pushed up the price of oil therefore pushing up the price of energy companies. All energy companies. Oil, solar, geo thermal, gas, and wind.
Believe me investors have lost optimism on the economy, but the energy sector keeps climbing.
I'm afraid what will happen if the dollar collapses and we get a hurricane in the gulf.
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posted on 5/28/2009 at 16:21
