Results 1 to 6 of 6

Thread: Oil stays above $91 as OPEC signals no output hike

  1. #1
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,718

    Oil stays above $91 as OPEC signals no output hike

    SINGAPORE – Oil prices hovered above $91 a barrel Monday in Asia as some OPEC ministers signaled the group doesn't plan to boost output to cool the recent jump in crude.

    Benchmark oil for February delivery fell 17 cents to $91.34 a barrel midday Singapore time in electronic trading on the New York Mercantile Exchange.
    On Thursday, the contract rose $1.03 to settle at $91.51, the highest level since October 2008. Global oil markets were closed Friday for the Christmas holiday.

    Arab members of the Organization of Petroleum Exporting Countries said at a meeting in Cairo over the weekend that the full group would likely not meet until June to discuss production quota policy. OPEC, which accounts for about 40 percent of global crude output, left quotas unchanged at a meeting earlier this month.

    Some analysts are concerned that higher oil prices, which have jumped almost 30 percent since September, could fuel inflation and undermine global economic growth. China raised its benchmark lending rate Saturday for a second time in two months in a bid to ease growing inflation pressures.
    "High oil prices were one of the contributors to the last global crisis," JBC Energy said in a report. "The largest effect of an oil price shock on the economy occurs around three to four quarters after the price spike."

    In other Nymex trading in January contracts, heating oil was steady at $2.54 a gallon, gasoline futures fell 0.77 cent to $2.43 a gallon and natural gas dropped 5.3 cents to $4.03 per 1,000 cubic feet.

    In London, Brent crude rose 32 cents to $94.09 a barrel on the ICE Futures exchange.

  2. #2
    Only $91 a barrel and diesel is already at $3.49 a gallon. Damn!

  3. #3
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,718
    Quote Originally Posted by dieseleverything View Post
    Only $91 a barrel and diesel is already at $3.49 a gallon. Damn!
    Yeah!

    I'm going to buy 10 gallons for the tractor later today... before the price goes up again....

  4. #4
    Staff
    Join Date
    Aug 2006
    Location
    Houston, TX
    Posts
    3,126
    Quote Originally Posted by Eric View Post
    Yeah!

    I'm going to buy 10 gallons for the tractor later today... before the price goes up again....
    Yeah, the price went up 10 cents per gallon from 12/22 to 12/24. Pisses me off.

  5. #5
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,718
    Quote Originally Posted by swamprat View Post
    Yeah, the price went up 10 cents per gallon from 12/22 to 12/24. Pisses me off.
    One reasonable factor driving up costs, I suspect, is the brutal cold. Fuel oil is likely being used at a higher than normal rate. I know I am going through wood like a BAR goes through rounds. If we had an oil burner, we'd be sucking that tank dry in short order....

  6. #6
    Staff
    Join Date
    Aug 2006
    Location
    Houston, TX
    Posts
    3,126
    Quote Originally Posted by Eric View Post
    One reasonable factor driving up costs, I suspect, is the brutal cold. Fuel oil is likely being used at a higher than normal rate. I know I am going through wood like a BAR goes through rounds. If we had an oil burner, we'd be sucking that tank dry in short order....
    That's true. The cold is widespread for weeks now that I had forgotten about that.

Similar Threads

  1. Obama Base Stays Home, White Voters Defect
    By Eric in forum The Third Rail...
    Replies: 0
    Last Post: 11-04-2010, 07:21 AM
  2. Did this hike today...
    By Eric in forum Motor Mouth
    Replies: 3
    Last Post: 06-15-2010, 04:17 PM
  3. Bulging Inventory Signals Next Leg Down in Housing
    By Eric in forum Survival/Economic Collapse
    Replies: 0
    Last Post: 06-15-2010, 10:33 AM
  4. Memorial Day hike (death march)
    By Eric in forum Motor Mouth
    Replies: 6
    Last Post: 06-01-2010, 08:24 PM
  5. Men plead not guilty to hacking traffic signals
    By gail in forum Fight Traffic Tickets/Driving Issues
    Replies: 3
    Last Post: 01-13-2007, 07:55 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •