Oil hits 2009 high above $74, eyes Fed speech

Reuters/Yahoo ^ | 8/20/09 | staff

[pissant]

LONDON (Reuters) - Oil touched a high for this year above $74 a barrel on Friday ahead of further pointers on the economic health of the United States and as the dollar flagged against a stronger euro.

By 1305 GMT (9:05 a.m. EDT), the new front month U.S. crude futures contract for October delivery was up $1.15 at $74.06 a barrel, after briefly touching $74.48, its highest of the year. London Brent crude for October was up $1.10 at $74.43.

Oil is on track for a 7.3 percent gain this week, and was last at this level on October 21, 2008 when it closed at $75.22 a barrel on its way down from a record peak above $147.

"We've seen a lot of short-covering in all commodities since the U.S. market opened...gold in particular. It has trickled back a little, but could move on fundamentals once the housing data is out," said Rob Montefusco, a trader at Sucden Financial.

Gold firmed 2 percent to a one-week high on Friday, intandem with a stronger euro, after robust euro area economic data dented the dollar's appeal and made bullion cheaper for non-U.S. investors.

[pissant]

Just the way the boy marxist wants it.

[proxy_user]

Now ‘oil’ has eyes, and is looking at a speech? LOL!

[nhwingut]

Obamanomics... Trickle Up Poverty.

[Buckeye McFrog]

if you think the town hall attendees are angry now, wait until they are paying five bucks a gallon to get there

[the invisib1e hand]

oh please. it's a commodity.

rising oil is a bullish economic indicator, as it's virtually a proxy for interest rates.

[unixfox]

Gun sales have also reached an all time high. Hmmm...wonder why the MSM isn’t mentioning that.

[Eric in the Ozarks]

The carbon tax will guarantee it.

[nhwingut]

One good thing about OReilly. He’s all over these fraud speculators who drive up the price of oil.

[edcoil]

Yesterdays Orange County Register noted oil prices slipping.

Amazing one day news cycles.

[ichabod1]

Obamanomics: You’re all going to have to tighten up your belts.

[cranked]

Goldman and Sachs ping.

[VisualizeSmallerGovernment]

It’s too bad America doesn’t have any of this oil stuff. It sounds like we could make some money digging it out of the ground and selling it to people.

[pissant]

Yet where the hell is he when the prices are low, praising the speculators? BOR is a moron.

[American Constitutionalist]

Just wait until the oil prices go even higher during the winter with those folks struggling to make ends meet and trying to keep their houses going in to foreclosure.


OBAMA VOTERS ? .... hows that CHANGE doing for ya ?

Obama " Change we can oppress with "

[netmilsmom]

Welcome to the depression Kids.
The smart people knew that printing dollars made each one worth less.

Those that are on “Hopium” still think those “poof out of thin air” bucks are worth the same.

Time to buy more rice!

[norraad]

Maybe we can combine the two again;

"One day ol'Jed was out shootin' at some food and up through the ground came a bubblin' crude, oil that is, Texas tea . . . "

[ichabod1]

We don’t care. We’ve immunized ourselves. At least I have. 50mpg on my motorcycle. I didn’t go home for a summer vacation and if gas is too high I won’t go home at Christmas either.

[netmilsmom]

>>It’s too bad America doesn’t have any of this oil stuff. It sounds like we could make some money digging it out of the ground and selling it to people.<<

Post of the DAY!!!!

[American Constitutionalist]

" Obamanomics... Trickle Up Poverty. "

Works every time it's tried.... that is ? with a Communist ot Socialist government.

[screaminsunshine]

I do not understand these markets. It seems like the worse the economy is getting then the more stocks go up.