Oil Slick Stuff

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$60.62 a barrel. Opps, thanks OPEC, CROOKS!:mad:

Rally slipping on oil
Stocks futures turn lower as oil prices shoot higher on OPEC production cut.
October 5 2006: 7:37 AM EDT


NEW YORK (CNNMoney.com) -- A production cut by OPEC, and a sharp rise in oil prices back above the $60 a barrel mark could spell the end of the stock rally that has lifted the Dow to two straight record closes
Stock futures, which had been higher ahead of the news out of OPEC, turned lower about 7 a.m. ET Thursday, pointing to a lower open for stocks.
Oil prices rose as a senior OPEC delegate said OPEC has agreed to cut production by 1 million barrels per day, its first cut since April 2004, Saudi Arabia was set account for 300,000 barrels of that cut.
U.S. light crude was up $1.21 to $60.62 a barrel in electronic trading, while Brent crude trading in London is $1.46 cents higher at $60.68
 
Maybe Iraq will finally start moving some production - it's the least they can do to help the West. If Shia and Sunni want to keep killing each other, well it's their choice. But that should not endanger oil production.
 
Birch... I think it would go something like this

"Umm.. Sirs... Would you mind killing yourselves away from your oil lines, its interfering with economies halfway across the world? Thanks. Heres a cookie."

That sounds like an easy sell... :)
 
I think oil is moving from Iraq, but they surely could increase production, that's If they would stop blowing up the lines. Dummies!:mad:
 
From Stratfor:

"Kuwait could cut its crude output to counteract falling world prices, Kuwaiti Oil Minister Sheikh Ali al-Jarrah al-Sabah said Oct. 4. Kuwait is the first Persian Gulf Organization of the Petroleum Exporting Countries (OPEC) member to announce possible cuts in production; Nigeria and Venezuela previously announced they would cut output as part of OPEC scale-backs that are voluntary for the time being. The Kuwaiti oil minister said $60 is a "comfortable" per barrel price, but that $50 per barrel would be worrisome. The Nigerian and Venezuelan "cuts" likely will not materialize, as both states are already well under their OPEC quotas. Kuwait, however, is approximately 350,000 barrels per day over its quota."
 
Maybe a short reprieve?:o
10/05/2006 - Updated 3:50 PM ET
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Oil close back atop $60 amid talk of OPEC cutCartel mulls emergency meeting; natural gas ends at three-week high
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</IMG>By Myra P. Saefong, MarketWatchSAN FRANCISCO (MarketWatch) -- Crude-oil futures closed above $60 a barrel Thursday for the first time in three sessions as traders weighed the legitimacy of reports that the Organization of the Petroleum Exporting Countries agreed to an informal production cut in an effort to prop up prices and may hold an emergency meeting later this month.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B55D3B426%2D155A%2D4FA2%2DBC85%2D51264BE7E298%7D
 
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, ya know your link doesn't work?
No Sir I surely don't think price of gasoline is being manipulated just before the election. I think it is being manipulated all the time!:nuts:
 
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Why is the market dropping when oil is coming down so fast? We have seen many times in the past that the same data can support two opposite concerns. In this case, dropping oil has supported the overall feeling that the consumer will breath a sigh or releif and spend more freely, with all that implies. The psychological shift would be for the market to focus instead on falling oil as an indicator of economic slowdown. Is such a shift underway??
 
Pilgrim said:
Why is the market dropping when oil is coming down so fast? We have seen many times in the past that the same data can support two opposite concerns. In this case, dropping oil has supported the overall feeling that the consumer will breath a sigh or releif and spend more freely, with all that implies. The psychological shift would be for the market to focus instead on falling oil as an indicator of economic slowdown. Is such a shift underway??
Click to expand...

Mixed signals from OPEC are not helping.:confused:

10/06/2006 - Updated 12:12 PM ET
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Oil taps low under $59 as traders seek OPEC clarityCrude's set for a weekly loss; natural gas falls for the day, trades up for week
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) - Crude-oil futures fell under $59 a barrel Friday, poised for a loss of around 6% for the week with traders attempting to figure out what the Organization of the Petroleum Exporting Countries will decide to do with production after conflicting reports this week that it will informally cut output by 1 million barrels per day.
http://markets.usatoday.com/custom/...S&guid={0D91441B-74A5-4C99-AF6F-E398C06E4547}
 
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