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Posted on 11/12/2007 7:16:10 AM PST by rightinthemiddle
Oil Prices Fall $2 on Word That OPEC Will Talk About Increasing Output at Upcoming Meeting
Oil prices fell about $2 a barrel Monday after reports that OPEC would discuss increasing output at an upcoming meeting in a bid to cool record crude prices.
Saudi Arabia's oil minister said Sunday that the Organization of Petroleum Exporting Countries would discuss the issue of boosting production when it meets later this year.
"The comments by the Saudi oil minister on the weekend didn't necessarily say that they're going to increase production, it wasn't quite that extreme, but the mere fact that he's speaking aloud about it shows that the issue is there," said Tobin Gorey, commodity strategist at the Commonwealth Bank of Australia in Sydney.
Light, sweet crude for December delivery dropped $2.40 to $93.92 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. In London, December Brent crude futures fell $1.92 to $91.26 a barrel on the ICE Futures exchange.
Reports of an attack an Exxon Mobil oil export terminal in Nigeria temporarily halted the slide, but company officials said operations were not disrupted and calm appeared to have been restored.
Heating oil futures fell 4.88 cents to $2.5700 a gallon (3.8 liters) on the Nymex, while gasoline prices declined 5.89 cents to $2.3971 a gallon. Natural gas futures fell 15.4 cents to $7.743 per 1,000 cubic feet.
(Excerpt) Read more at biz.yahoo.com ...
ping
About 12-20% of the ppb is risk premiums.
Yup, maybe more. “Risk” is always perceived.
American leftist politicians have put us in this boat. meanwhile the cubans will be sucking down our potential gulf reserves while we are not allowed to tap these (not to mention Alaskan ANWR and the tar sands out west)....thanks to our Liberal congressman and senators.
these b@st@rds should be tried for TREASON!!!!!!!
I agree.
Watch for the Russians and/or Venezuela to start helping the Cubans with Gulf drilling.
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Thanks for the post.
Socialists in our government, regardless of what letter is in front of their name, who sit by and let Chavez and Castro drill off our shores, not to mention China, but will not allow the most industrialized nation (for now anyway) do the same, are aiming for total Globalization, with the US at the bottom of most things!
itco already does drill in our gulf.
Citco, sorry
Not really.
Good
then who?
Do you know what it means to say that oil prices are up because of speculation?
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The way I see it: It is not in their best interest to see prices rising too high, as purchasing will drop off. The goal is to squeek out as much money from the consumer, w/o shutting off the flow o dollars.
Releasing more oil calms speculators, prices slow, people purchase more, everyone is happy . . . except for the consumer that continues to pay the rising fuel costs.
Yes but if we were glutted with our OWN OIL, this situation would never have reached this point and speculators would be bringing in boom levels of, oh say, $35 a barrel.
I thought they couldn’t increase output and were operating at capacity?!?!
So you actually believe that our oil producers will refuse to sell to the highest bidder and will only sell oil here? I still don't believe you understand the idea of oil being high on speculation.
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