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Fri Sep 14, 2012, 10:43 AM

Oil approaches $100 in New York on Fed stimulus, Mideast unrest

Source: Bloomberg

Friday, 14 September 2012
Bloomberg
By Grant Smith and Ben Sharples

Oil rose to the highest level in four months on speculation that economic stimulus in the U.S. will boost fuel demand, and concern that unrest in the Middle East and North Africa will disrupt supplies.

Futures advanced as much as 1.4 percent, erasing their decline for the year. The Fed said yesterday it will make open- ended purchases of $40 billion a month of mortgage debt to boost the economy. Protesters attempted to storm the U.S. embassy in Yemen and demonstrators marched in Egypt and Iran against a film seen as insulting to Islam. Iran is raising tension by expanding its nuclear program, according to Robert Wood, the U.S. envoy to the International Atomic Energy Agency.

“We always have initial optimism on stimulus programs -- the question is, how long it will last?” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin, a commodity newsletter in Sydney. “Middle East geopolitical concerns should add a premium of about $5 to $6.”

Crude for October delivery climbed as much as $1.44 to $99.75 a barrel in electronic trading on the New York Mercantile Exchange. It was at $99.46 at 8:18 a.m. Singapore time. The contract yesterday increased 1.3 percent to $98.31, the highest close since May 4. Prices are up 3.1 percent this week, set for the sixth gain in seven weeks.

Read more: http://www.iranfocus.com/en/index.php?option=com_content&view=article&id=25961il-approaches-100-in-new-york-on-fed-stimulus-mideast-unrest&catid=4:iran-general&Itemid=26

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Reply Oil approaches $100 in New York on Fed stimulus, Mideast unrest (Original post)
Purveyor Sep 2012 OP
bigdarryl Sep 2012 #1
jwirr Sep 2012 #2
global1 Sep 2012 #3
uwep Sep 2012 #4

Response to Purveyor (Original post)

Fri Sep 14, 2012, 10:51 AM

1. They will raise oil prices on ANYTHING

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Response to bigdarryl (Reply #1)

Fri Sep 14, 2012, 11:00 AM

2. Especially when there is political hay to make. The corporations do NOT want President Obama

reelected.

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Response to Purveyor (Original post)

Fri Sep 14, 2012, 11:07 AM

3. Is It Time Yet For Obama To Release Some Of Our Oil Reserves To Ease Pricing?.....

Does he have the political cover of this situation in the ME and Hurricane Isaac to do this now?

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Response to Purveyor (Original post)

Fri Sep 14, 2012, 11:13 AM

4. Pure Greed

Billions in profit. Sucking in corporate welfare. It's still not enough. Bringing
middle income and low income families to their knees. Inflating prices.

As cars get more fuel efficient, close refineries stating that a need to keep
them operating at maximum capacities, keeping prices high.

These people are scum. They are the real threat to the economy.

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