[Zardoz]

Certainly worth a posterity post:



Next stop: Ninety big ones.

[AirlinePilot]

I will honestly be genuinely surprised by 85 If we get there without some sort of catalyst. At least within the near term.

[Leanan]

Oil Is Steady After Reaching a Record $80.36

$this->bbcode_second_pass_quote('', 'C')rude oil was little changed after rising to a record $80.36 a barrel in New York on concern that oil and fuel inventories will decline.

[Zardoz]

Back over $80 again today:



And look at gold...

EDIT: -

It just hit $80.50. New intra-day record.

Crude Oil Rises to Record $80.50 on Signs of Interest-Rate Cut

$this->bbcode_second_pass_quote('', 'C')rude oil in New York rose to a record $80.50 a barrel in New York on signs that the Federal Reserve will lower interest rates at its meeting tomorrow to bolster the economy of the U.S.

"This is going to reassure folks about the economy and ease fears about a pullback in demand,'' said Rick Mueller, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. "This comes on top of the realization that OPEC's production increase isn't that large and the barrels won't be hitting the U.S. for months anyway.''

The Federal Reserve is forecast to cut interest rates to help prevent the housing recession from bringing down the rest of the economy. This is the fourth day that prices have risen to a record amid concern that demand will outpace supply.

[sirrom]

on the front page it says thst oil has reached 80.39,is this a new record?

edit: now it is 80.52

[basil_hayden]

I'm guessing the Another Record Thread isn't good enough for you....

{thread merged by Bas}

[sirrom]

now it's $80.56!

[Bas]

$this->bbcode_second_pass_quote('sirrom', 'o')n the front page it says thst oil has reached 80.39,is this a new record?

edit: now it is 80.52

[sirrom]

it's gone up by another 2 cents now,what do you will think it will close the day at?

[joewp]

$this->bbcode_second_pass_quote('', ' ')This is the fourth day that prices have risen to a record amid concern that demand will outpace supply.

[Zardoz]

[Leanan]

Oil sets new record ahead of Fed meeting


$this->bbcode_second_pass_quote('', 'O')il futures rose to new records and other energy futures also advanced Monday on expectations the Federal Reserve will cut the benchmark federal funds rate, a move the market expects will support the economy and ensure its thirst for oil and gasoline.

"If the economy's going to be OK, then oil prices are probably undervalued," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.

Oil futures rose as high as $80.70 on Monday, a trading record. 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 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 the subprime problems would spread, affecting the overall economy and curbing demand for petroleum products.

[emersonbiggins]

$this->bbcode_second_pass_quote('', 'O')il prices have set several new records over $80 a barrel in recent days for a number of reasons, including perceptions that problems in the subprime mortgage industry would have a minor effect on the economy.

[DantesPeak]

$this->bbcode_second_pass_quote('joewp', '')$this->bbcode_second_pass_quote('', ' ')This is the fourth day that prices have risen to a record amid concern that demand will outpace supply.

[Twilight]

If the Fed decides to reduce the purchasing power of the dollar, we all know which way oil is heading. Not so bad if you're a Eurozone customer, though.

[joewp]

Over $81 right now in after hours trading.

$81.05 to be exact.

It hit $81.18 a little while ago.

That's another record, just in case you're counting.

[Eli]

This all bs oil should be 45 dollars a barrel actually it should be 25 dollars a barrel, Daniel Yergin said so.

[Zardoz]

$this->bbcode_second_pass_quote('joewp', 'I')t hit $81.18 a little while ago.

That's another record, just in case you're counting.

[Starvid]

$this->bbcode_second_pass_quote('Eli', 'T')his all bs oil should be 45 dollars a barrel actually it should be 25 dollars a barrel, Daniel Yergin said so.

[RdSnt]

The rapid inflation of the priniciple global currencies has a lot to do with the rise in oil prices. If you look at the mechanics of supply, very little has changed to justify the rate increases.
But if you look at the rate at which various countries are inflating their money supplies, it is leading to a good portion of the inflationary push.
There is also the very bad economic news, and credit crisis that is tearing through global markets. Yet, most of that news should actually be pushing oil prices down.