Oil Slick Stuff

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04/06/2011 - Updated 10:04 AM ET
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Oil edges higher ahead of inventories data
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By Claudia Assis, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures edged higher Wednesday, helped by a weaker dollar and firmer U.S. equities and as investors monitored developments in Libya and elsewhere in the Middle East and North Africa and await for word on U.S. inventories.
Crude for May delivery [CLK11] added 14 cents, or 0.2%, to $108.50 a barrel on the New York Mercantile Exchange. A close in the black would be oil’s fourth session of gains out of five.
Brent oil, the benchmark for Europe, surged past $122 a barrel as it felt more acutely the developments in Libya.
http://markets.usatoday.com/custom/...S&guid={730FE8FA-6052-11E0-AE42-00212804637C}
 
Oil near 2-1/2-year peak on Middle East, weak dollar


On Wednesday April 6, 2011, 10:11 am
By Dmitry Zhdannikov
LONDON (Reuters) - Oil prices held near a 2-1/2 year peak on Wednesday, supported by unrest in the Middle East and North Africa and dollar weakness ahead of an expected European Central Bank interest rate increase.
Brent crude traded just below $123 a barrel at 1300 GMT and U.S. crude was at $108.40 a barrel -- slightly above their Tuesday closing levels.
The ECB is expected to raise interest rates by 0.25 percent on Thursday in the first hike since the 2008 financial crisis. The expectations have propelled the euro to a 14-month high while the dollar index (^DXY - News) was down 0.25 percent at 1330 GMT. (ID:nLDE7350B9)
"Central bankers will always claim that they have no influence on oil prices but recent history has repetitively shown that in the new world, where commodities are a global asset, central bankers can have a greater influence on oil prices than OPEC," said Olivier Jakob from Petromatrix. http://finance.yahoo.com/news/Oil-n...html?x=0&sec=topStories&pos=main&asset=&ccode=
http://finance.yahoo.com/news/Oil-n...html?x=0&sec=topStories&pos=main&asset=&ccode=
 
XACTLY!!:nuts:

04/06/2011 - Updated 1:53 PM ET
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Oil turns lower after inventories data
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By Claudia Assis, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures inched lower Wednesday, reverting from gains as the weekly inventories data disappointed and investors paused after prices pushed past $109 a barrel.
Prices only edged lower, however, as a weaker dollar, strengthening U.S. equities, as ongoing war in Libya provided a floor to prices.
Crude for May delivery [CLK11] declined 23 cents, or 0.2%, to $108.10 a barrel on the New York Mercantile Exchange. Oil traded as high as $109.15 a barrel earlier.
Oil kept gains immediately after the government showed a larger-than-expected increase in inventories, and one that ran contrary to a trade group report only a day earlier.
Prices fizzled not to long after that, however. http://markets.usatoday.com/custom/...S&guid={730FE8FA-6052-11E0-AE42-00212804637C}
 
04/07/2011 - Updated 10:42 AM ET
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Crude futures hold near $109 a barrel
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By Claudia Assis, MarketWatch & Steve Gelsi, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures edged up Thursday to hold near $109 a barrel after better-than-expected data on U.S. jobless claims.


Light, sweet crude for May delivery [CLK11] rose 9 cents to $108.90 a barrel on the New York Mercantile Exchange. Earlier, it had traded as high as $109.37 a barrel. http://markets.usatoday.com/custom/...S&guid={C5B912C2-610E-11E0-AE42-00212804637C}
 
James48843 said:
$110 a barrel!

Something is going to break. Soon.
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James, I noticed the dollar straining to stay low today, Euro is straining the same but high....I'm thinking we reached the end of those bottoms and peaks.....do we have a reversal in the mists????

Technician
 
I think Yer right.
nnuut said:
In my opinion it's a consensus that if Oil goes over $110 to $120 (somewhere within that range) a barrel it will CRASH the Market. This is being caused mainly by SPECULATION and has nothing to do with Supply and DEMAND, so watch Oil prices closely. :eek:
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Today gas at $3.55 for 10% ethanoil..after today's cude hike..probably looking at $3.60 tomorrow.:mad:
 
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