Crude Awakening.....The oil price BS hurricane is well underway.

[marmar]

Oil Rises to a 6-Month High After Saudi Forecasts $75 a Barrel
By Mark Shenk


May 27 (Bloomberg) -- Oil rose above $63 a barrel for the first time in six months after Saudi Arabia’s oil minister said crude is likely to touch $75 by the end of the year.

Asian demand has begun to recover and prices at $75 a barrel will be healthy for economic growth, Ali al-Naimi said today in Vienna, where OPEC will meet this week to discuss production targets. A government report tomorrow is forecast to show that U.S. gasoline supplies fell for a fifth week.

“The Saudis are saying that they are confident that the economy can withstand oil at $75, so they will be in no rush to break this market,” said Nauman Barakat, senior vice president of energy at Macquarie Futures USA Inc. in New York. “We are seeing increasing signs that the worst of the recession is over.”

Crude oil for July delivery rose 98 cents, or 1.6 percent, to $63.43 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Futures touched $63.82, the highest since Nov. 10. Prices are up 42 percent this year.

Oil rose above its 200-day moving average for the first time since September, a signal that prices will rally further. Technical traders watch for patterns on charts for clues to price direction, and may sell or buy based on those signals.

The Organization of Petroleum Exporting Countries is likely to keep output quotas unchanged for a second time this year as recovering oil prices eliminate the need for new cuts, according to a Bloomberg survey published on May 22. Saudi Arabia is the biggest and most influential member of OPEC. .........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aaeNtchbnTcU&refer=home

[Echo In Light]

1. Our young daughter, no where close to driving age, always mentions the price hike...

...as we pass by the gas station. Then she'll ask something along the lines of, 'what happens if it costs $10 a gallon?'

Ugh (face palm)

[Echo In Light]

7. By the way, for those unfamiliar with the "facepalm;"

And my favorite, the George Bernard Shaw facepalm:

[NJmaverick]

2. I guess OPEC didn't learn from the first economic crisis it caused

they want to have raise prices to the point the once again destroy the world's economy. Greedy bastards

[Truth2Tell]

3. Enough time has passed since election season,

they can inch the prices up again.

[Echo In Light]

5. The gas station cashiers again have their binoculars out...

To hopefully catch the plate #s of pump n dashers ... and really, they hate that shit. They sure as hell didn't sign on as quasi security of that capacity.

[kimmerspixelated]

12. I think you're right!

Bucking Fastids! Just in time for a summer road trip!

[DJ13]

4. Saudi arrogance on display

Oil up as Saudi says world can cope with $80 crude

Wednesday May 27, 2009, 12:25 pm EDT


NEW YORK (Reuters) - Oil prices rose to a six-month high above $63 a barrel on Wednesday after Saudi Arabia, OPEC's biggest member, said the global economy had strengthened enough to cope with oil at $75-$80 a barrel.

http://finance.yahoo.com/news/Oil-hits-6month-high-Saudi-rb-15361309.html?sec=topStories&pos=3&asset=&ccode=

[SpiralHawk]

13. "Smirk." - xCommander AWOL & Republicon Homelander Oil Cronies

[bobburgster]

6. This is just insane!

Every damn year we go through this bogus crap. I'm so tired of hearing these lame excuses, in the spring/summer gas and fall/winter heating oil, about refinery problems, possible war, etc., etc. Too bad we don't have any politicians willing to squeezed big oil by the balls until they scream uncle.

[lefthandedlefty]

8. They say the economy can handle $75.00 a barrel

Seems to me the economy started down the tubes when oil passed $30.00 a barrel.

[Andy823]

9. It's all about greed!

Speculators have been buying up the "cheap" oil for months, and there is no longer any place to store it, so they have to come up with any kind of BS to get the prices up so they can sell and make a "killing" at the expense of the average person. It's all about ''GREED"! As long as congress takes money from the oil companies, among other greedy corporations, they will keep on doing what is good for the corporations, not the people! It's both sides of the isle, not just one, and we need to start getting rid of those in congress that are filling their own pockets while Americans can barely make it from payday to payday!

We need to break the addiction on oil, and tell the Saudis where to stick it!

[eilen]

10. this really sucks

my job is driving all over town visiting patients, often out into farm country. I want a car that runs on water.

[rucky]

11. If any other industry had an international price-fixing cartel like this

they'd be strapped to a rocket and blasted off the planet

[taterguy]

14. I'm mad as hell about gas prices but I'm not gonna actually do anything about it

Like structuring my life so I don't rely on gas.

Give me convenience or give me Death!