OIL Up Again

MTRIG · #1 (**permalink**) 09-02-09, 01:56 AM

No suprise, OIL is up on demand increases. The ISM report also helped push prices up.

SINGAPORE (AP) -- Oil prices hovered above $68 a barrel Wednesday in Asia after a two-day plunge as a drop in U.S. crude inventories suggested demand may be recovering.

allangering · #2 (**permalink**) 09-02-09, 05:19 AM

U.S. crude for October delivery settled up 98 cents at $73.89 per barrel, the highest settle since October 20. London Brent crude for October settled up 86 cents at $74.19.

Fredledingue · #3 (**permalink**) 10-22-09, 07:11 PM

Demand is recovering but don't kid yourself, the crisis is still there and above $80 it enters overvalued waters again.
Oil could climb to $100 by fears of a devaluating dollar but that will be pure speculation, not a offer/demand mechanism as we have seen before the crisis.

The only event which could justify a barrel above $80~90 is a conflict with Iran.