[Zardoz]

Barchart.com is showing $89.78 as the new intraday record.

Mercy sakes...

[FireJack]

Its not a pretty picture either way. Either there is oil supply problems or the US dollar is dropping like a rock. I though for sure oil would be going back down by now but thats almost $10 in a week.

[Teclo]

$89.47 on my widget (only the closing price I think)
Usually lurk on KD's market ticker forum
I believe the fed's weak dollar policy is going up against peak oil, wish I could bet on this one!
I'm not sure why the timing but now it's causing inflation if you buy oil in dollars or you peg to the dollar
I'm guessing countries pay for most of it in their own currency (unless they start buying it with their reserves I suppose)
The catch 22 is if you follow the dollar down and cut rates you pay more for oil causing inflation, but if you keep it strong exports are less competitive.
Watch this fly if berspanke cuts rates again
Gold is gonna zoom too so I'm off to get some

[Zardoz]

For the record, here's the first $90 price we've seen:



*hands a gift certificate for a Number Three special at Burger King to Louisiana Sweet*

Congratulations!

Upstream Online

[aancci]

I wake up this morning and find $89.59.

Might be time to invest in a Zombie factory, I think there will be a demand for zombies soon.

[sameu]

The gates are open!

[Leanan]

Crude Oil Reaches Record $90

$this->bbcode_second_pass_quote('', 'C')rude oil for November delivery reached $90.02 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest price since trading began in 1983.

[canis_lupus]

$this->bbcode_second_pass_quote('', '"')It's hard to pick a top in a raging bull market, but it's possible that we are close," said Phil Flynn, an analyst at Alaron Trading Group in Chicago in a research note.

And if prices start to fall, they could fall quickly as speculators sell to lock in profits.

"We don't think industry fundamentals support oil prices near $60 (a barrel), let alone $90, but with excessive speculation and lack of government scrutiny, prices could go even higher, before they crash, eventually, in our view," said Fadel Gheit, an analyst at Oppenheimer & Co., in a research note.

[Zardoz]

$this->bbcode_second_pass_quote('An analyst without a clue', '"')We don't think industry fundamentals support oil prices near $60 (a barrel), let alone $90, but with excessive speculation and lack of government scrutiny, prices could go even higher, before they crash, eventually, in our view," said Fadel Gheit, an analyst at Oppenheimer & Co., in a research note.

[lys3rg0]

$this->bbcode_second_pass_quote('Zardoz', 'T')hat guy's getting paid way too much.

[idomar]

90.04 now, according to CNBC's ticker in the top right hand corner

ffs

[Cyrus]

Only another 10 dollars and we're at the big 100.

[julianj]

Garn! I missed it!

I'm not a sports fan, so not being online when it passed $90 is like missing a crucial goal in a cup final.



Still, I can stick in there and look forward to $100.

On a more serious note, I only found out because of the noon UK C4 news. And there was the usual guff about oil companies pumping more to ease the price. Either we should have these commentators' jobs, or they should send PO.com a big packet of whatever they are on - it's pretty strong. Phil K Dick did a novel about a guy who takes a drug that changes reality, and I think it must be something like that.

[Revi]

The price may fall back a bit when everyone has given up on buying heating oil and is standing around a 55 gallon drum with burning trash in it.

[Starvid]

I don't know about you guys but I think it feels like we have a $10-20 fear and specualtion premium, which could go away as fast as it arrived.

Even though I, of course, believe prices will go up in the long and medium term.

[Revi]

People may be taking profits now, it's down to a measly $89 a barrel.

[Sys1]

Weather is getting colder in western Europe.
4 degrees Celcius tomorrow and we are still far from winter. I see oil&gaz prices going up for the next months.

[Zardoz]

$100 by Christmas, or maybe before:

Crude Price to Rise Until Early 2008, Algeria Oil Minister Says

$this->bbcode_second_pass_quote('', 'C')rude oil prices, which reached $90 a barrel in New York for the first time yesterday, are likely to rise until early 2008, Algerian Oil Minister Chakib Khelil said.

"The price is going to continue to increase,'' Khelil said today at a press conference in Algiers. "The reasons are political tension and stagnant oil refining capacity worldwide.'' Prices may decrease after the northern hemisphere winter, when demand may drop by 2 million barrels a day, he said.

Oil futures prices in New York have gained 51 percent in the last year. They climbed 5.9 percent this past week to $88.60 a barrel late yesterday because of the dollar's depreciation and concern Turkey may attack Kurdish rebels in Iraq, which has the world's third-largest oil reserves.

Global crude demand was 85.5 million barrels a day on Sept. 30, according to data compiled by Bloomberg.

[whereagles]

$this->bbcode_second_pass_quote('Starvid', 'I') don't know about you guys but I think it feels like we have a $10-20 fear and specualtion premium, which could go away as fast as it arrived.

Even though I, of course, believe prices will go up in the long and medium term.

[idomar]

spot prices above $90 for Tapis, WTI and Louisiana Sweet,

Link

Brent and WTI futures at 86.16 and 89.02

I know that the numbers were bad yesterday, but is this still the fall out from that or is there something else that we dont know about?

anyway wheeeeeeee