Another Record ($143.67)

Zardoz · **Posted:** Thu Sep 13, 2007 5:12 pm

Certainly worth a posterity post:

Next stop: Ninety big ones.

AirlinePilot · **Posted:** Fri Sep 14, 2007 2:16 am

I will honestly be genuinely surprised by 85 If we get there without some sort of catalyst. At least within the near term.

Leanan · **Joined:** Thu May 20, 2004 12:00 am **Posts:** 4673

Oil Is Steady After Reaching a Record $80.36

Quote:

Crude oil was little changed after rising to a record $80.36 a barrel in New York on concern that oil and fuel inventories will decline.

Zardoz · **Posted:** Mon Sep 17, 2007 10:33 am

Back over $80 again today:

And look at gold...

EDIT: -

It just hit $80.50. New intra-day record.

Crude Oil Rises to Record $80.50 on Signs of Interest-Rate Cut

Quote:

Crude oil in New York rose to a record $80.50 a barrel in New York on signs that the Federal Reserve will lower interest rates at its meeting tomorrow to bolster the economy of the U.S.

"This is going to reassure folks about the economy and ease fears about a pullback in demand,'' said Rick Mueller, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. "This comes on top of the realization that OPEC's production increase isn't that large and the barrels won't be hitting the U.S. for months anyway.''

The Federal Reserve is forecast to cut interest rates to help prevent the housing recession from bringing down the rest of the economy. This is the fourth day that prices have risen to a record amid concern that demand will outpace supply.

They really are catching on, aren't they?

EDIT 2 -

$80.70

sirrom · **Posted:** Mon Sep 17, 2007 12:12 pm

on the front page it says thst oil has reached 80.39,is this a new record?

edit: now it is 80.52

basil_hayden · **Posted:** Mon Sep 17, 2007 12:14 pm

I'm guessing the Another Record Thread isn't good enough for you....

{thread merged by Bas}

sirrom · **Posted:** Mon Sep 17, 2007 12:19 pm

now it's $80.56!

Bas · **Posted:** Mon Sep 17, 2007 12:20 pm

sirrom wrote:

on the front page it says thst oil has reached 80.39,is this a new record?

edit: now it is 80.52

yes it is Sirrom.

sirrom · **Posted:** Mon Sep 17, 2007 12:23 pm

it's gone up by another 2 cents now,what do you will think it will close the day at?

joewp · **Posted:** Mon Sep 17, 2007 12:30 pm

Quote:

This is the fourth day that prices have risen to a record amid concern that demand will outpace supply.

Maybe I'm stupid, but I thought demand has been exceeding supply for a couple of years now, that's why we're not at $20/bbl anymore.

Oh, it looks like the close will be around $80.50, right around the highs of the day. That's quite bullish, as they say.

Edit: Make that $80.57

Zardoz · **Posted:** Mon Sep 17, 2007 12:54 pm

Leanan · **Joined:** Thu May 20, 2004 12:00 am **Posts:** 4673

Oil sets new record ahead of Fed meeting

Quote:

Oil futures rose to new records and other energy futures also advanced Monday on expectations the Federal Reserve will cut the benchmark federal funds rate, a move the market expects will support the economy and ensure its thirst for oil and gasoline.

"If the economy's going to be OK, then oil prices are probably undervalued," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.

Oil futures rose as high as $80.70 on Monday, a trading record. Oil prices have set several new records over $80 a barrel in recent days for a number of reasons, including perceptions that problems in the subprime mortgage industry would have a minor effect on the economy. The nine-session rally reversed August's downward trend, which was based in part on concerns that the subprime problems would spread, affecting the overall economy and curbing demand for petroleum products.

emersonbiggins · **Posted:** Mon Sep 17, 2007 2:59 pm

Quote:

Oil prices have set several new records over $80 a barrel in recent days for a number of reasons, including perceptions that problems in the subprime mortgage industry would have a minor effect on the economy.

Is that the consensus? Really? I would think the increases are due in part to the devaluing dollar, in which the anticipation of a rate cut increasing the price of oil (and everything else, for that matter) makes a lot of sense. But, I'm not an economist, so...

Besides,

The DJ just showed up, the food is served, and this party's just getting started. :-D

DantesPeak · **Posted:** Mon Sep 17, 2007 3:07 pm

joewp wrote:

Quote:

This is the fourth day that prices have risen to a record amid concern that demand will outpace supply.

Maybe I'm stupid, but I thought demand has been exceeding supply for a couple of years now, that's why we're not at $20/bbl anymore.

The IEA has world inventories depleting 500,000 bpd between June 2006 and June 2007, on a quarterly basis. So we are more than a year past the switchover point.

Twilight · **Joined:** Fri Mar 02, 2007 1:00 am **Posts:** 3062

If the Fed decides to reduce the purchasing power of the dollar, we all know which way oil is heading. Not so bad if you're a Eurozone customer, though.

Another Record ($143.67)

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