Oil surpasses $103 for first time

[ozymandius]

Source: AP

SINGAPORE - Oil prices surpassed $103 a barrel for the first time Friday as persistent weakness in the U.S. dollar and the prospect of lower interest rates attracted fresh money to the oil market.

Prices were supported by comments Thursday from Federal Reserve Chairman Ben Bernanke, who said the American economy is not immediately threatened with stagflation, a combination of economic weakness and rising inflation.
.....

Light, sweet crude for April delivery jumped to a new trading record of $103.05 a barrel in Asian electronic trading on the New York Mercantile Exchange before slipping back to $102.79 a barrel, up 20 cents, midafternoon in Singapore.

On Thursday, the contract jumped $2.95 to settle at a record $102.59 a barrel.
.....

The Organization of Petroleum Exporting Countries holds its next policy meeting on March 5. It is likely to decide to keep current production levels unchanged, or even cut production, according to reported comments by OPEC President Chakib Khelil.

Read more: http://news.yahoo.com/s/ap/oil_prices

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As the Bernanke Fed keeps cutting interest rates and injecting huge amounts of cash into the doddering banking system - the prices will keep getting higher.

[Eurobabe]

1. Deutsche Bank was right, I am going to see what their

analysts are predicting now.

1.51 euro? Unreal.

[comtec]

2. $1.52 per 1.00€

just fyi

[SpiralHawk]

3. "Smirk." - Dickie 'Five Military Deferments" Cheney

"Republicon homelander cronies everywhere are celebrating this historic day."

- Dickie 'Five Military Deferments" Cheney

[Vinca]

4. My home is in a beautiful, rural location only 3 miles from all services.

Rising oil prices can only be good for increasing the value and appeal it will have if I put it on the market. Oh . . . wait . . . the real estate market's in the toilet, too. Never mind.

[Sabriel]

5. Shhhhh. Don't tell W. Let him find out from the press corps. n/t

[Supersedeas]

6. meanwhile in the News, Larry King and Janet Jackson are dancing

[Eurobabe]

7. Merrill Lynch forecasts a 1.57 Euro by end of March

``The Fed is breaking new ground in expressing indifference to the U.S. dollar's decline,'' analysts led by Daniel Tenengauzer, New York-based head of global currency strategy at Merrill Lynch & Co., wrote in a research note today. Merrill forecasts the euro to ``peak'' at $1.57 around the end of March.

http://www.bloomberg.com/apps/news?pid=20601080&sid=auYpFNgPIOYE&refer=asia