Posted on 11/04/2010 9:14:16 AM PDT by Nachum
World oil prices hit fresh six-month peaks on Thursday as the dollar slumped on the back of the US Federal Reserve's new huge stimulus package aimed at boosting the American economy.
Brent North Sea crude for delivery in December delivery rallied as high as 87.59 dollars, reaching a level last seen on May 4. It later stood at 87.46, up 1.08 dollars from Wednesday's close.
New York's main contract, light sweet crude for December, surged to a similar high point at 86.05 dollars, before pulling back to 85.88, up 1.19 dollars.
The dollar tumbled on Thursday after the Fed announced that it would launch a new asset-buying plan, or quantitative easing (QE), worth 600 billion dollars, to bolster the nation's sluggish economic recovery.
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I am sooooooo grateful for this inflation I could just spit! Thank you, Mr. Bernacke.
If fuel prices go any higher the American public is going to slow down, along with the economy. It’ll be interesting to see how high the stock market can go without any growth to support it.
And so it begins — Maybe $100+ by the end of the year. Will drive the “recovery” down even more.
Rush talked about this last week, too. This is only in anticipation of inflation — speculators buying oil and dumping bonds, etc.
I hope for America’s sake that oil won’t go up. Also, I think gold might peak off soon. 1400 now. It’s getting to be too standard a thing now to invest in gold. [Just my personal hunch.] It’s not clear that the lame duck will bite now. That’s gold’s only hope to keep rising.
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