[Zardoz]

Hello.

[chuck6877]

What are the intraday and closing oil price records again?

[DantesPeak]

$this->bbcode_second_pass_quote('chuck6877', 'W')hat are the intraday and closing oil price records again?

[sameu]

$this->bbcode_second_pass_quote('Troyboy1208', 'I') think I read today that opec probably wont raise output at their meeting. It would appear that the world is awash in crude oil. They dont want to saturate the market

[Troyboy1208]

$this->bbcode_second_pass_quote('sameu', '')$this->bbcode_second_pass_quote('Troyboy1208', 'I') think I read today that opec probably wont raise output at their meeting. It would appear that the world is awash in crude oil. They dont want to saturate the market

[Loderunner]

Okay, so right after the meeting when OPEC decided to increase by 0.5 million bpd (bit of a surprise to most analysts), prices went down a bit. But, now they are back up again? Latest price $78.24. I wonder if the media just have a headline spinner that they use for the reasoning for price increases.

One question I have: Is the price of oil determined by actual buying and selling of oil or is it entirely investor, speculative driven, or is it a combination of both?

[Bas]

$this->bbcode_second_pass_quote('Loderunner', 'O')kay, so right after the meeting when OPEC decided to increase by 0.5 million bpd (bit of a surprise to most analysts), prices went down a bit. But, now they are back up again? Latest price $78.24. I wonder if the media just have a headline spinner that they use for the reasoning for price increases.

One question I have: Is the price of oil determined by actual buying and selling of oil or is it entirely investor, speculative driven, or is it a combination of both?

[strider3700]

We've had a few quota bumps over the last year or two that never really seem to show up in the markets. I'd guess investors are taking opec's comments with a grain of salt.


CNBC was just mentioning that traders think OPEC is in-effective and they expect worldwide growth to tighten supplies

[sameu]

$this->bbcode_second_pass_quote('Troyboy1208', '')$this->bbcode_second_pass_quote('sameu', '')$this->bbcode_second_pass_quote('Troyboy1208', 'I') think I read today that opec probably wont raise output at their meeting. It would appear that the world is awash in crude oil. They dont want to saturate the market

[Zardoz]

$78 is holding up:



That storm system east of the islands continues to creep west. If it develops, and turns slightly north as it is expected to do, look for the price records to be broken with ease.

[Leanan]

Oil Hits New Record Despite OPEC Move

$this->bbcode_second_pass_quote('', 'L')ight, sweet crude for October delivery rose 74 cents to settle at $78.23 a barrel on the New York Mercantile Exchange after alternating frequently between gains and losses. The settlement price bested the previous record, set July 31, by 2 cents.

[Troyboy1208]

so why is the price at the pump still 2.75...we should be over 3.00 dollars by now

[Leanan]

$this->bbcode_second_pass_quote('', 's')o why is the price at the pump still 2.75

[Denny]

Is it really a record price for crude? For the 5% of the world who live in the United States, yes. for most of the world, no.

[chuck6877]

CNBC said regarding the 500,000 barrel raise in the Quota today, that OPEC was ALREADY pumping 500,000 over their official quota so really there would be no change........

Chuck

[simontay78]

According to my own Calculation

The 500,000 barrels per day boost only last conservatively 8.755 minutes basing on world oil consumption of 82,234,918 bbl/day (According to NationMaster)

Hold our breath...long enough we might celebrate but only for 8.755 minutes!

[jeezlouise]

Well, slap my Momma. (...Uhm, that's a Southern thing.)

The oil investors actually pulled their heads from their collective posterior long enough to come to a realistic consensus. Never thought I'd see the day.

[joewp]

Another record, it just hit $78.99 a few minutes after the open, backed off 20 cents and now it's trying to pass $79 again...

22 minutes 'til the weekly storage report, which could send it either way...

[Leanan]

Oil hits record on big inventory drop

$this->bbcode_second_pass_quote('', 'O')il prices hit a fresh intraday record high of over $79 a barrel Wednesday after the government said supplies of crude oil fell far more than expected.

U.S. light crude for October delivery rose 70 cents to $78.97 a barrel, passing the old trading high of $78.77 a barrel hit Aug. 1. Oil had traded up 49 cents just prior to the report's release, and touched a record $79.29 just after the report.

[Zardoz]

NYMEX now at $79.15. Let's see what the news of the two storms does.