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From the BBC!!

Weak dollar holds oil prices firm

Oil prices broke the $83-a-barrel mark in Asian trade on Friday and approached their record level, as a weak dollar and supply fears boosted buying.
US light sweet crude for November delivery was $83.19 a barrel, the record level is $83.90.
Oil is priced in dollars so its record lows this week against the euro and other currencies has raised prices.

http://news.bbc.co.uk/2/hi/business/7017539.stm
 
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Sweet light crude up to $83.44 a barrel! Might be good for the markets, for a first reaction, but in the end this is not good!:mad: Leaves a bad taste in my mouth.
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Click Oil Slick Stuff at the bottom of the page!
 
The world is wise to the Fed’s inflation:mad:
Anyone watching oil markets recently has seen the black gooey stuff command ever-increasing prices (in dollars). Much of the world’s oil is denominated in dollars, therefore the sellers of oil have a direct stake in the purchasing power of the greenback. As the dollar falls in value, oil revenues purchase less and less. Several OPEC figures and others have expressed concern for the falling value of the dollar. In essence, they are getting gypped on their oil sales because the money they take in buys less. Consequently, we have seen the dollar price of oil rise most of the summer, even through a fairly weak hurricane season and a period of relative calm in the Middle East. This is important because when oil has risen in the past, the two aforementioned factors have been blamed for the increase. Oil is trading now in excess of $83/barrel on a regular basis. What can we blame it on now? Simple: the fall of the US Dollar.http://www.[[financialsense.com/fsu/editorials/sutton/2007/0929.html
 
[FONT=times new roman, times]THE HOME STRETCH[/FONT]
[FONT=times new roman, times]by Elliott H. Gue[/FONT][FONT=tahoma,verdana,arial]Editor, The Energy Letter[/FONT]
[FONT=tahoma,verdana,arial]September 29, 2007[/FONT]​

The final quarter of the year is always a crucial period for the energy markets. The quarter marks both the beginning of the winter heating season and a time when refiners look to rebuild their crude oil inventories. Often, trends that emerge during the quarter carry through into the new year.
With crude oil prices hovering above $80 per barrel and natural gas recovering from its midsummer lows, the fourth quarter of 2007 promises to be even more pivotal for the energy patch than normal. In this week’s issue, let’s take a look at two trends I’ll be watching carefully as we head into the final weeks of 2007.
Nuclear Power/Uranium
http://www.financialsense.com/editorials/gue/2007/0929.html
 
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Prices in England on the rise, Please notice they are talking about Greater than 1 pound per LITRE!!!!!:worried:

Petrol pump price could pass £1

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UK drivers could have to pay almost £5 more when they fill up

Petrol prices could surge to near record highs from next week after the government's 2p rise in fuel duty is introduced from midnight on Sunday.
The 2p increase could push up the average price of unleaded petrol to about 98p, while diesel could exceed £1 if the cost is passed on to motorists.
The increase, in line with inflation, was first announced in Gordon Brown's 2007 Budget when he was chancellor.
The duty rise comes amid soaring oil prices and high borrowing costs. The Budget also outlined another rise of 2p a litre next April and a further increase of 1.84p in April 2009. [more]

http://news.bbc.co.uk/2/hi/business/7021021.stm
 
Oil prices continue slide

Crude prices ease as investors show concern that the fundamentals of the commodity, like inventories, aren't in line with recent high prices.

October 1 2007: 7:45 AM EDT

VIENNA, Austria (AP) -- Oil prices slipped Monday, extending last week's late decline on concerns that oil market fundamentals do not support recent high prices.
Oil prices peaked at a record $83.90 in late September, and prices drove back to near $83 a barrel last week on the steadily weakening dollar, supply concerns, unrest in Nigeria and tensions between the U.S. and Iran.

http://money.cnn.com/2007/10/01/markets/bc.oilprices.ap/index.htm?postversion=2007100107
 
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Beware Big Oil stocks

Some analysts say there's a good reason shares of oil firms haven't jumped along with crude prices: The price of oil is just too high.:nuts:

By Steve Hargreaves, CNNMoney.com staff writer
October 1 2007: 10:26 AM EDT

NEW YORK (CNNMoney.com) -- With crude prices jumping to record highs, yet the stock of big oil firms rising only modestly, it may be tempting to put money into the energy sector.
Some analysts say that would be a bad bet.
http://money.cnn.com/2007/10/01/news/companies/oil_stocks/index.htm?postversion=2007100110
 
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10/01/2007 - Updated 4:16 PM ET
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Crude-oil futures drop sharply on profit-takingGasoline and heating-oil futures also tumble, while natural gas rallies
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</IMG>By Polya Lesova, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures finished sharply lower on Monday, as traders rushed to lock in gains, with reformulated-gasoline and heating-oil futures also declining.

http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BC5E5B33B%2D09D6%2D4E64%2D9770%2DAF83EACED4B0%7D
 
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Oil prices test $80 a barrel

Crude eases despite expectation that oil inventories will show declines in weekly report.

October 2 2007: 6:08 AM EDT

SINGAPORE (AP) -- Oil prices slipped below $80 a barrel Tuesday as investors stayed on the sidelines ahead of the Energy Department's weekly report due Wednesday.
Light, sweet crude for November delivery slipped 34 cents to $79.90 a barrel in Asian electronic trading on the New York Mercantile Exchange by mid-afternoon in Singapore.
http://money.cnn.com/2007/10/02/markets/bc.oilprices.ap/index.htm?postversion=2007100206
 
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10/02/2007 - Updated 3:29 PM ET
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Oil cuts loss, but still ends lower; natural gas rallies
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By Myra P. Saefong, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures cut their losses by Tuesday's close, but still logged their third losing session in a row with analysts blaming the retreat on traders taking profits following the market's run at reaching all-time highs last week.

http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BA4E32EB2%2D4842%2D4EDA%2DA438%2D1C7D9A23923B%7D
 
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Oil tops $80; inventories awaited

Investors begin to bet that oil prices have hit their highs for the year, as typical demand lull between summer and winter arrives.

October 3 2007: 5:50 AM EDT

BANGKOK, Thailand (AP) -- Crude oil futures held above $80 a barrel Wednesday in Asia after falling three straight days from the near-record levels of last week.
Light, sweet crude for November delivery rose 17 cents to $80.22 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The Nymex crude contract fell 19 cents to $80.05 a barrel Tuesday.

http://money.cnn.com/2007/10/03/markets/bc.oilprices.ap/index.htm?postversion=2007100305
 
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Just released, The Department of Energy reported weekly crude oil inventory levels rose 1.14 million barrels, versus the expectation for a draw of 550k barrels. Crude oil futures for November delivery were trading at $80.40 just prior to the report and traded to $79.70 immediately following the announcement. http://finance.yahoo.com/marketupdate/overview?u
 
Oil rebounds to go above $80:mad:

Prices bounce back as gain in crude stocks is offset by surprise declines in gas and distillate inventories.

October 3 2007: 11:26 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices briefly retreated before quickly rebounding Wednesday as a decline in oil and distillate stocks offset a surprising surge in oil inventories.
U.S. light crude for November delivery briefly fell below the $80 a barrel mark before rebounding. At 11:18 a.m. ET, it was up 20 cents to $80.25 a barrel, close to where it was before the report's 10:30 a.m. release.

http://finance.yahoo.com/marketupdate/overview?u
 
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Will biofuel leave the poor hungry?

By Maggie Ayre
Radio 4's Costing the Earth
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It is one of the most hotly debated environmental topics of the year - whether the drive to produce alternative so-called green fuels will take food from the mouths of the hungry.
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Is it ethical to burn food while people starve?


http://news.bbc.co.uk/2/hi/business/7026105.stm
 
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Oil prices extend decline

Analysts say crude prices have been driven up by speculative buying, and that fundamentals don't support recent record prices.

October 4 2007: 5:59 AM EDT

BANGKOK, Thailand (AP) -- Oil prices fell Thursday in Asia, extending a decline from the previous session that came after an unexpected increase in U.S. crude oil inventories.
Light, sweet crude for November delivery fell 13 cents to $79.81 a barrel in Asian electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The Nymex crude contract fell 11 cents to settle at $79.94 a barrel in Wednesday's floor session.

http://money.cnn.com/2007/10/04/markets/oil.ap/index.htm?postversion=2007100405
 
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Oil holds above $81 on winter stocks worries

Fri Oct 5, 2007 2:20am ET
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Market View

SEOUL (Reuters) - Oil held above $81 a barrel on Friday, clinging to its first gains in five days after data showing unexpectedly low distillate and natural gas stocks in the United States stirred concern about peak winter supplies.
U.S. crude fell 19 cents to $81.25 a barrel by 0616 GMT after rallying $1.50 on Thursday, its first rise in a week. Brent crude lost 34 cents to $78.63 a barrel.
http://today.reuters.com/news/artic...-OIL.xml&WTmodLoc=NewsHome-C3-hotStocksNews-2
 
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10/05/2007 - Updated 9:43 AM ET
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Crude oil falls further after jobs
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By Nick Godt, MarketWatch

NEW YORK (MarketWatch) - Crude-oil futures added to their early declines Friday after the September employment report showed in line gains for the month and big upward revisions of previous months.
Futures for November delivery fell 49 cents to $80.95, more than doubling its earlier losses on the New York Mercantile Exchange.

http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B159AAF08%2DB9F4%2D487D%2D8E16%2DD51DAE3062AD%7D
 
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SHADES OF OUR FRIEND HUGO!


Ecuador issues foreign oil decree

By Daniel Schweimler
South America correspondent, BBC News
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Ecuador denies that it is planning to nationalise oil companies

Ecuadorean President Rafael Correa has signed a decree giving the state a greater share of profits from foreign oil companies working in his country.
He said the 50% of windfall oil profits stipulated in a law passed last year was not enough, and the state should now receive 99%.
It is one of the radical reforms promised by Mr Correa to spread Ecuador's wealth to the country's poor.
But the size and timing of this latest move took many by surprise.

http://news.bbc.co.uk/2/hi/americas/7029244.stm
 
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