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WTI Crude Surges Back Above $49 After OPEC Comments
WTI Crude has recovered the losses following yesterday's DOE-reported inventory and production rise as it appears comments from OPEC Secretary-General Al-Badri told The IMF that demand will climb more this year than previously projected (coming on the heels of EIA's comments that oil companies worldwide will cut investments in oil exploration and production by a record 20 percent this year.) USD weakness is also helping drive algos to run stops in crude.
Global oil demand will increase by 1.5 million barrels a day this year, El-Badri said in the statement to the IMF’s International Monetary and Financial Committee. There is a supply overhang of about 200 million barrels in the market, El-Badri said at a conference in London on Oct. 6.
And as goes Crude, so goes the S&P 500...
Charts: Bloomberg
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The world is starting to realize that this is about the "petrodollar"..
be optimistic!
So does this mean Tesla is back in 'vogue' and I should start saving for a $140,000 SUV?
Gartman was right?
Magic bullshit and super believable since we all know that the Saudi's are a completely disinterested and reliable indicator of market condition....
I'll probably get a bunch of down arrows, but I for one applaud higher oil prices. I think overall that benefits our economy even if the pain at the pump is a bit worse.
-Argenta
I didn't downvote you. Heck, I don't downvote anybody, even Alfred/Dutchboy (despite him being the preeminent douche bag on this site). Higher oil prices mean that my probability of staying employed increases. Lower prices for extended periods mean my head might be on the block. At this point, I'd love to just see everything fall apart though.
Am I wrong but the year is about over
So unless a outright war in ME what what is camel jockey smoking
ok so the house of saud feels betrayed, and will reneg on the agreement with the dung beetle to maintain production levels.... this will drive UP THE PRICE OF OIL... russia will control hwat issi was selling and stop it... besides russia in cursion is all about RAISING THE $$ OF OIL.. RUSSIA'S MAIN SOURCE OF INCOME AND SUPPORT FOR THEIR CURRENCY...
russia will take control of iraqi oil and together with the sauds raise the price by reducing the supply... iran will also cooperate...
obama hs succeeded to set up an axis of real evil that will lead to WAR...
So ... is this "liftoff"?
By my calculations, at 2.5%/day we're on track for $100/barrel by end of November. Shouldn't be a problem, especially now that we're through the shakiest time of the year - October's normally a pretty solid month for stocks, and look and this one's off to a great start.
I'm feeling more confident than ever in our fearless and illustrious leaders, and their ability to care for all of our needs. I just hope the return of $100/barrel oil doesn't cause a rise in the price we pay at the pumps.
http://www.ibtimes.com/israel-oil-discovery-massive-reserve-could-meet-domestic-demand-obstacles-production-2130639
The petrodollar is safe! Israel would never turn on the U.S. and sell oil for renminbi, rubles or gold...would they?
That reserve IS in golan Heights and it is a dsiputed territory so you cant exploit such areas. But Israel will make sure they do exploit it .