[Eli]

It is a very typical article that we have seen many times before.

It is funny when they try to make it sound negative that people are speculating in oil trying to make money like that is not the point. Jim Rogers said something very similar when he was interviewed on cnbc the other day.

There is an easy way to silence the people betting that oil prices will continue to climb, flood the market with lots of oil, that will bring the price down in hurry.

Actually we have seen record high oil prices for 5 years where is the supply in response? The only way oil is coming down is if there is a global recession even then I think we are past the point of no return on oil. I think it is burn every drop we have or people have to start dying.

[dukey]

the speculation article must be BS anyway. I seem to recall if you trade oil futures the minimum order is 1000 barrels. Eventually sometime has to take delivery, so if 'speculators' are just bidding it up then they will have to sell to someone that can take delivery.

[Novus]

The talking heads on cnbc have been saying this ten week run up is nothing but speculation and the mindless zombies are eating it up.

[Eli]

Boy I wish they are right, seriously if all of a sudden we were awash in new oil that would be great and we could keep on just like we are.

CNBC and the rest of the pump monkeys cannot face what is coming head on it is going to be sheer madness.

[EarthGamePlayer]

Back up to almost $95

[DantesPeak]

$this->bbcode_second_pass_quote('', 'T')he silence of Saudi Arabia in the face of $90 a barrel oil prices is surprising -- but actually it speaks volumes. The kingdom has made it clear in the past that crude oil prices at these levels are not in the long-term interest of either oil producers or the world economy. Usually, it has tried to talk the market back down and has followed up those words with increased supplies, if needed. Its silence now in the face of the $20 rise since September suggests that it believes such efforts would be futile in current market conditions, or that it can not back up its words with actions that would have a significant impact on current price levels. If these implications are indeed correct, oil markets may be standing on the threshold of a new, more volatile period, when neither Opec, nor its Saudi king pin, are able to exert any meaningful restraint.

[Zardoz]

$this->bbcode_second_pass_quote('EarthGamePlayer', '[')url=http://africa.reuters.com/wire/news/usnSP286871.html]Back up to almost $95[/url]

[Bas]

I spy with my little eye... $96.44

[Zardoz]

And we chuckled at the idea of $100 in 2007.

Nobody's laughing anymore.

[Bas]

$this->bbcode_second_pass_quote('Zardoz', 'A')nd we chuckled at the idea of $100 in 2007.

Nobody's laughing anymore.

[chris-h]

$this->bbcode_second_pass_quote('Zardoz', 'A')nd we chuckled at the idea of $100 in 2007.

Nobody's laughing anymore.

[Leanan]

Or maybe sooner. North Sea oil platforms are being evacuated due to a storm, and the news about Mexico seems to be slowly dawning.

[Bas]

$this->bbcode_second_pass_quote('Leanan', 'O')r maybe sooner. North Sea oil platforms are being evacuated due to a storm, and the news about Mexico seems to be slowly dawning.

[Troyboy1208]

remember remember the 5th of November...

[Leanan]

Oil hits another record above $96

$this->bbcode_second_pass_quote('', 'O')il hit a series of record highs and is now within sight of 100 usd a barrel as market players fret over tightening US crude stocks and as a recovery in equity markets eased fears of slower demand going ahead.

New York prices hit a record high of 96.44 usd this afternoon, while London's Brent contract set a historic peak of 92.74 usd.

[Bas]

$this->bbcode_second_pass_quote('Troyboy1208', 'r')emember remember the 5th of November...

[Carlhole]

$this->bbcode_second_pass_quote('Bas', 'a')nd btw, the price is spiking: $96.80

[Bas]

$this->bbcode_second_pass_quote('Carlhole', '')$this->bbcode_second_pass_quote('Bas', 'a')nd btw, the price is spiking: $96.80

[Carlhole]

Thanks.

I normally just look at Bloomberg once a day but it doesn't update often.

[Carlhole]

$96.93 ...strong