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Oil Spikes To Highest In Over A Month, As Syria Proxy War Jitters Escalate
It was not exactly clear why both WTI and Brent suddenly took off, with West Texas surging by $1.60 at last check, up 3.6% rising to just shy of $48, while Brent was over $51, both at the highest level since September 3.
It certainly wasn't due to the latest downgrade in global growth by the IMF (unless it was on hopes a global recession means even more easing is imminent).
However, according to several trading desks, the pre-war jitters in (and above) Syria are finally catching up to some, and there has been a distinct geopolitical-risk oil bid in the past two hours, on concerns the proxy war involving the US, Russia and, increasingly, Saudi Arabia and Iran, will finally spill over leading to forced supply cuts by middle-east nations, and a sharp, if transitory, spike in crude oil prices, such as the one the market is pricing in right now as per the chart below..
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watever, let the bodies hit the floor, tired of watching the charade
Already happening.
Just a pass thru gimmick.
The Saudi FX reserves are low.
Need to refill the pantry with filthy lucre from the pockets of gasoline consumers.
We'll pay for the war one way or another.
This is the easiest way to do without increasing taxes.
Oil WTI 20s in the cards...coming soon. Wash out.
RIPS
Sweet ! $50 WTI means we can start the rigs back up ! Drill baby drill !
Looks like someone in shale needed to lock in higher prices when the banks review their debt to keep the Ponzi-fest going.
If Saudi Arabia ever gets involved directly in its proxy war in Syria, then Saudi oilfields will be a legitimate target for the Russians
Saudi opposition clerics make sectarian call to jihad in SyriaDozens of Islamist Saudi Arabian clerics have called on Arab and Muslim countries to "give all moral, material, political and military" support to what they term a jihad, or holy war, against Syria's government and its Iranian and Russian backers.
Although the clerics who signed the online statement are not affiliated with the government, their strong sectarian and anti-Christian language reflects mounting anger among many Saudis over Russian and Iranian involvement in Syria's civil war.
http://www.reuters.com/article/2015/10/05/us-mideast-crisis-saudi-cleric...
It will be interesting to see if the Saudi's stick their dicks in that meat grinder. If humans are involved, somebody will eventually screw up and We'll get get to see the leader (gag) of the free world do his magic.....
Who said war wasn't good for anything? Higher oil prices, just what the eCONomy needed...., or so they say.
I guess we'll see. The shale dudes are still in play, but still hurting until this goes over $60/barrel, and that's about where they'll break even.
Higher oil prices will help one country fur sure.....Russia.
Well it's clear to me. Paging Mr. Yellen.
Saudi Arabia will be unhappy about US and Nato backed ISIS being sqeezed out of Syria and Iraq into its territory. What goes around comes around. ME will be a US free zone very soon.
Silver is also soaring, surging, exploding, inching higher. There that's the one.
Oh, did it go up 1 cent again ?
*Way off topic----
New York federal prosecutors just charged the former U.N. General Assembly President, John Ashe with accepting more than $1 million bribes...
A measly million? Really? Dude must have been desperate if he could only garner a million with all the fiat flowing around that place.
Best ROI around....buy a politician.
That's the final straw.
The United Nations headquarters must to be moved outside the USA. USA has abused its position as UN location too long. This time they have gone too far.
no kidding. I think the bribe rate for US pol's is embarassingly low. Is someone is naked shorting bribes?
Nice!
PEANUTS!
If you present reality to the communists, they will spend every resource covering it back up. The apes will start a competition to lick up bubble gum off the street, and the monkeys will engage if they see a group of monkeys already engaged. That’s why politicians pay people to show up initially, and why the poll in the presidential race merely reflects the number of times the candidate is mentioned in the media. They all want to be on the boat that they believe will give them the benefits of scale, being seen voting for the winner.
Building the bridge is like filling a valley with blocks to suspend the roadway, and then taking the blocks out to leave an inverted pyramid under the bridge, which are employed on the next bridge, while the communist gangs, differing only by the color of their tennis shoes, fight over control of the bridge. Which block do you suppose comes out next?
Now that all the new taxes are in place, its time to add to the misery of the middle class with $6 a gal
When does this one become World War 3? Does it require an Anglophile historian to declare it as such?
WOW up by 2$ i am so shocked.
Nothingburger. No appetite for war anywhere. Good shorting opportunity in a couple weeks... unless QE4 gets announced.
There's still no demand.
This is a truly brilliant move by Russia actually. Along with exposing NATO's sickening connections to ISIS, the instabiity raises the barrel price which they so heavily rely on.