[Leanan]

Oil rises to new intraday record

$this->bbcode_second_pass_quote('', 'L')ight, sweet crude for October delivery rose as high as $81.24 a barrel in electronic trading on the New York Mercantile Exchange. It has since retreated to $80.73, still up 16 cents midday in Europe.

The contract settled Monday at a record close of $80.57, up $1.47.

[Zardoz]

Still denying the fundamental reality:

No mention of declining supply here!

$this->bbcode_second_pass_quote('', '"')I don't know that there's any particular trigger for the rise in oil prices we saw last night," Moore said. "But once they started increasing, they did gather a bit of momentum of their own. I think that's why we ended up seeing oil prices rising as sharply as they did."

Oil prices have set several new records over $80 a barrel in recent days for a number of reasons, including perceptions that problems in the U.S. subprime mortgage industry would have a minor effect on the economy. The nine-session rally reversed August's downward trend, which was based in part on concerns that subprime problems would spread, drag down the overall economy and curb demand for petroleum products.

Beyond the economic worries, energy futures have been buffeted by supply and demand considerations in recent weeks. Last week, gasoline and oil prices jumped after Hurricane Humberto cut power to Texas, temporarily shuttering several refineries.

[Bas]

it was showing $ 81,60 on my screen just a minute ago, 'nother record.

[Zardoz]

Barchart.com is showing $81.80 as the high:

[PeakingAroundtheCorner]

$this->bbcode_second_pass_quote('Zardoz', 'B')archart.com is showing $81.80 as the high:

[Morpheus]

Wow and here I was thinking these stones were monuments or something... and that one has my name on it! "Morpheus - died the day he was born"

$81.50 at the moment with a high of 81.60...

The dollar is getting hammered especially by the loon at .9832...

[Bas]

it just hit $82

[Zardoz]

KA-CHING!!!



Yeeeeee-Haw!

[Bas]

$this->bbcode_second_pass_quote('Zardoz', 'K')A-CHING!!!



Yeeeeee-Haw!

[Zardoz]

Does anybody here doubt that we'll see $90 this year?

[Bas]

$this->bbcode_second_pass_quote('Zardoz', '
')Does anybody here doubt that we'll see $90 this year?

[canis_lupus]

Cripesakes almighty!

I'm fairly doomerish but I didn't see $80 until January...

...the hell of it is I don't see anything putting significant downward pressure on the price in the midterm (let alone the long term)!

wow

[Leanan]

New York oil price soars to record high after Fed rate cut

$this->bbcode_second_pass_quote('', 'O')il soared to fresh record highs in New York Tuesday as traders viewed the half-point cut in interest rates by the Federal Reserve as an economic boost that would keep energy demand high.

New York's main futures contract, light sweet crude for delivery in October, climbed 94 cents to a record close at 81.51 dollars a barrel. In after-hours trade, the price hit an all-time high of 82.16 dollars.

[DantesPeak]

$this->bbcode_second_pass_quote('Zardoz', '[')url=http://imageshack.us][/url]

Does anybody here doubt that we'll see $90 this year?

[Zardoz]

Indonesian Tapis must be really good stuff!

[Leanan]

Oil moves over $82, another record

$this->bbcode_second_pass_quote('', 'O')il prices remained higher Wednesday, trading above $82 a barrel after a government report showed crude supplies falling and a day after the Federal Reserve lowered a key interest rate.

U.S. light crude for October delivery rose 69 cents to $82.20 a barrel on the New York Mercantile Exchange. Oil had traded up 80 cents just prior to the report's release, then touched an intraday record of $82.51 before retreating.

[gnm]

$this->bbcode_second_pass_quote('canis_lupus', 'C')ripesakes almighty!

I'm fairly doomerish but I didn't see $80 until January...

...the hell of it is I don't see anything putting significant downward pressure on the price in the midterm (let alone the long term)!

wow

[Ferretlover]

Pickens: Crude Oil Could Hit $100 by Year End
… With global supply at 85 million barrels a day, Pickens said the projection for the fourth quarter is 88 million barrels a day. …

Pickens

[Starvid]

Hoho, all the losses on my stock portfolio due to the credit crunch seem to be covered by the rise in my oil stocks.