Oil Rises Above $70 in Asia As US Dollar Weakens [What's It All About?]

Timesonline.com ^ | Thursday October 8, 2009 12:00 AM | ALEX KENNEDY

[fight_truth_decay]

Oil prices rose above $70 a barrel Thursday in Asia amid a weakening U.S. dollar and mixed crude inventory data.

Benchmark crude for November delivery was up 62 cents at $70.19 by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $1.31 to settle at $69.57 on Wednesday.

A slide in the U.S. dollar has helped bolster oil prices, which are traded in the American currency. The euro rose to $1.4758 on Thursday from $1.4687 the previous day, and the dollar slipped to 88.30 yen from 88.60.

Investors were also mulling mixed signals in Wednesday's crude supply numbers from the Energy Information Administration. Gasoline inventories grew by 2.9 million barrels last week and distillate fuel supplies grew by 700,000 barrels, both bigger increases than analysts expected.

[fight_truth_decay]

Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading. The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong.

We know gold (often abruptly volatile) hit a high today. $1,048.40 an ounce. Standard reasoning: "A mix of unfounded inflation fears, conspiracy theories and speculative demand looks more like the ingredients for a speculative bubble than the grounds for a sustainable increase in prices," said Julian Jessop, economist at Capital Economics."...

"The price of gold is typically strong in the October to December period because of the higher demand for jewellery in the run-up to Christmas and the Indian festival of Diwali....a demand for gold is strong in India, and Indian communities around the world ahead of the festival of lights, which this year falls on 17 October."

"Mr. Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. I also ask unanimous consent to insert the attached article by Lew Rockwell, president of the Ludwig Von Mises Institute, which explains the benefits of abolishing the Fed and restoring the gold standard, into the record."-- Congressman Ron Paul, U.S. House of Representatives, September 10, 2002

"Gold and freedom go together." 1967, Alan Greenspan

Or an economic war between the US and China, A STRATEGIC CONTROL DECISION, as often predicted? What time is better than in the present environment under ObamaChaos, a Government of Idiots? Or was it just suppose to go this way.. the G-20.

[familyop]

Asia’s consumption of oil continues to rise. The rest is propaganda for diverting blame away from the fearful and guilty.

[DrGunsforHands]

Gold hit new high of 1055.70 tonight. For the December contract.

[AZLiberty]

The price of oil didn’t rise.

The value of the dollar declined to less than 1/70th of a barrel of oil.

[fight_truth_decay]

The rest is propaganda for diverting blame away from the fearful and guilty.

I think the whole financial crisis which just seemed to have happened overnight in Sept '08 was Liberal induced psychological propaganda (last resort) to get Obama elected & Democrats into complete control. Palin was the unexpected. Panic set in.

Sure there were some cracks, there always is and always will be when too much money aka greed aka too big to succeed comes into play; but the Left used the Old Media as their own personal jack hammer for a continuous pounding at any chance of stability and/or the usual prescribed financial "working prescriptions" for a timely rebuilding & recovery ( bankruptcy proceedings in the natural order, in a timely manner, happened in the end with protection of the Unions, etc).

[Palin Republic]

>Gold hit new high of 1055.70 tonight.

And rising. But it’s really just the dollar reaching new lows. So here come the energy shocks. How long will the lights stay on at this rate?

The sooner we break out of this immoral mixed economy/taxpayer plantation and get our economic shock therapy over with the better.

[the invisib1e hand]

Oil Rises Above $70 in Asia As US Dollar Weakens [What's It All About?]

Here's what it's about: it's about the most useful commodity in modern times selling at about twenty-three 1978 dollars.

Pretty cool for something that's supposed to be in short supply, and has been in ever-increasing demand.

[justa-hairyape]

>>Gold hit new high of 1055.70 tonight.
>And rising. But it’s really just the dollar reaching new lows.

Gold has been rising in Yen, US Dollars, Canadian Dollars, EURO Dollars and Japanese Yen. Rise has been the same proportionally except for perhaps Australia. This is a systematic Worldwide phenomenon. Me thinks decoupling from the US dollar is gonna be very difficult.

[PSYCHO-FREEP]

Did you think that the Fed. could secretly monetize our currency, congress to quadruple their spending in just 6 months and interest rates to be forced down to below zero (0.9%)by Burn-yank-me in order to help his Emperor ObaMao, that there would be no consequences?

There is no evil underhanded conspiracy like you think. It is simply economics 101. It has repeated itself all through out history. Only the ignorant or the uneducated cannot understand it, so they try to rationalize it with some non existent entity. (Illuminati)

[CharlesWayneCT]

Well, we’ve gone through the typical september low for oil, now it generally starts up again as we enter home heating season in most of the populated world.

And with many countries really coming out of recession (because unlike the US, they didn’t have Obama ruining their recovery), oil prices will go up because oil demand will increase.

And since the dollar is weaker, everything bought with dollars costs more — gold, oil, stocks, anything we import.

[familyop]

"I think the whole financial crisis which just seemed to have happened overnight in Sept '08 was Liberal induced psychological propaganda (last resort) to get Obama elected & Democrats into complete control. Palin was the unexpected. Panic set in."

The lock against hiring was started in early September of 2007. The effort to drive oil down and the dollar up by the slowdown was bipartisan idiocy. In order for globalism to work, currencies must be allowed to balance.

...can't get something for nothing. Real work is required to operate lasting businesses. Sitting around and going more into debt while having foreign communist slaves as employees is not the American or constitutional way of doing business.

[Cringing Negativism Network]

What familyop said.

[familyop]

It’s not the Illuminati or any “secret” monetization of debt that causing the economy to fall. Collective retards are trying to keep their scams going by way of gigantic “bailouts” and foreign debt instead of working for a living. They’re as bad as the welfare moms with cribs full of fatherless kids, thinking that they can get something for nothing. The bipartisan retards won’t be able to lobby continued debts from foreign communist nations for much longer, though, and the government can’t continue to bail them out (give them 100s of billions in welfare) by spending more on them with the big general default on the way.

[familyop]

Thanks. IMO, we need morally, constitutionally and fiscally conservative men in leadership now. It’s time to cease the illegitimate methods of competition (fake environmentalists, “strategic master” plans in so many county and state governments, HOAs, social work busybodies, etc.). It’s time to allow us currently nonpolitical “Neanderthals” to build a few things. The contemporary, politically correct alternatives to that option will bring unprecedented and unforeseen sufferings—even to those who are so vain as to avoid seeing their near future.

If not, we and our engineer friends (real engineers with P.E.s) will rebuild and lead after the defaults. We’re quite a bit tougher and more realistic than that fictional “Galt” dude. We are the real survivors.

[familyop]

The increasing monetization of debt, BTW, has been common knowledge for a while. And I didn’t give any stinking permission to any big shot corporate to lobby for the continued funding of his wive’s/daughters’ government jobs. ...sure ain’t my chicks, and I haven’t received any bailout or other welfare.

We no longer put up with any screeching, foreign ho’s or foreign, anti-American chairmen/directors in office jobs, but we can fix or build just about anything.

[familyop]

"...but the Left used the Old Media..."

...which old and new media are sponsored by the business relatives of those lefties. The money for the propaganda doesn't just come out of anyone's ___. The trend toward the soon-prevailing nonpolitical attitude won't be reversed with ever more clownish political speech, and the days of the regime of spendthrift nags and their globalist yes-dears are about to end.