Oil crosses 91 dollars

[INAT]

SINGAPORE (Thomson Financial) - Crude oil briefly topped 91 dollars in Asian trade Friday on rising tensions in the Middle East following Turkey's military threat against Kurdish rebels in Iraq and new US sanctions on Iran.
At 10.00 am (0200 GMT) New York's main futures contract, light sweet crude for delivery in
December, was up 42 cents at 90.88 dollars a barrel after closing at 90.46 dollars in US trading overnight.
It touched a new all-time high of 91.10 dollars earlier in Asia.
Brent North Sea crude for December was up 52 cents at 88 dollars, also breaking records set in London overnight.
Oil prices are 'being supported by an increase in geopolitical tensions and also market developments,' Australia's Commonwealth Bank said in a market commentary.
'The US has announced that it is imposing new sanctions on Iran,' it said. 'Oil markets also continued to have an eye on developments related to the current tensions between Turkey and Kurd rebels in Iraq,' it said.
On Thursday, Turkish leaders lent extra weight to their threat of a military incursion against Kurdish separatists holed up in northern Iraq.
Many of Iraq's oilfields are located in the north and any conflict with Turkey could disrupt supplies, analysts said.
Commonwealth Bank said the market was also reacting to a sharp decline in US energy inventories last week which came ahead of the northern hemisphere winter, when demand for heating fuel peaks.
US energy supplies are closely monitored because the United States is the world's biggest energy consumer.

http://www.forbes.com/markets/feeds/afx/2007/10/25/afx4265292.html

[Aztec Eagle]

Good NEWS for oil producing countrys like mine.

[Atlantic Friend]

Good NEWS for oil producing countrys like mine.

Indeed ! And for oil companies, who must have seen their net result go sky-high practically straight for the last seven years. The shareholders of PEMEX, TOTAL, SHELL and co must be having fits.

[Freibier]

No wonder with the more and more worthless dollar.

[9mmRifle]

No wonder with the more and more worthless dollar.

The dollar would be worth great value globally, its been the currency of the world for the past years. Its because of issues like the US deficit, the property slump, the cost of Iraq, California fires and the lack of energy efficiency in the United States which is putting big pressure on the dollar. If Bavaria had huge deficits and France and Tokyo was in flames I'm sure the Euros or Yens wouldn't be so stable.

[Freibier]

The dollar, world currency of the past

[Satellite Weapon]

Gold Exposes the Dollar
by Rep. Ron Paul
http://www.lewrockwell.com/paul/paul221.html

Washington seems oblivious to the problem. Our current account deficit is roughly 6% of GDP, and our total foreign indebtedness is over $3 trillion. We borrow $1.8 billion every day! Unfortunately, our politicians and the public will ignore the problem until the combination of dollar inflation, price inflation, and higher interest rates brings the borrowing frenzy to an end. Americans, like their government, seem to have lost the ability to live within their means. When their standard of living falls, however, they will look for someone to blame in Washington.

[2Sheds_Jackson]

No wonder with the more and more worthless dollar.

So you're telling us that oil is no more expensive in terms of euros than it was a month ago? Be prepared for me to tell you that euros are similarly worthless.

[Vandervahn]

So you're telling us that oil is no more expensive in terms of euros than it was a month ago? Be prepared for me to tell you that euros are similarly worthless.

Lets just say that while the crude oil price in US$ has risen 30% since 2005, petrol at the station here does not cost noticeably more in € than the peak prices in 2005 and 2006 - although we had a 3% VAT tax increase earlier this year. Prices are relatively stable.

Edit:
Just saw a chart that says Crude Oil in US$ has had a price hike of 250% since 2002, whereas the Crude oil price in €uro has risen by "only" 150% since then.

[Danik]

Lets just say that while the crude oil price in US$ has risen 30% since 2005, petrol at the station here does not cost noticeably more in € than the peak prices in 2005 and 2006 - although we had a 3% VAT tax increase earlier this year. Prices are relatively stable.

As it is here:)

That is because the oil thats being sold to you in your local gas station was purchased months ago at a price much lower then it is now. When spring hits, don't be surprised that gas prices will be much higher even if oil prices are falling.

[0rphie]

As it is here:)

That is because the oil thats being sold to you in your local gas station was purchased months ago at a price much lower then it is now. When spring hits, don't be surprised that gas prices will be much higher even if oil prices are falling.
to update the thread title - oil crossed $93 today. so what? some still believe that the price of oil may cripple the economy. if it goes overnight to $200 then maybe but even a $100 oil will be fine as well as $4/gal gas

[shocker1]

HAHA, I have been buying gold since 1995. People used to say you are crazy. Nobody says that to me anymore

[Kilo]

http://img463.imageshack.us/img463/8555/eurgoldoilusdjq4.png

stockcharts.com (http://stockcharts.com/charts/performance/perf.html?$WTIC,$XEU,$USD,$GOLD,$SPX)

[wotsnext]

HAHA, I have been buying gold since 1995. People used to say you are crazy. Nobody says that to me anymore
Where do you keep it shocker, At home? p-)

[Ordie]

Good NEWS for oil producing countrys like mine.

As well as Iran, Russia, Venezuela, The Wahabbists Fundamentalists (Saudi) and Bush's friends in Houston.

If you really want to hurt the nutcases in the world, it's time to park the car and ride a bike, walk, take the bus or buy a hybrid.

The more we decrease our dependency on oil the better the world will be not only in environmental terms but in security as well.

As far as Mexico is concerned, the high prices don't mean a thing if the Government stops siphoning the funds and allow Pemex to re-invest in its neglected infrastructure.

[shocker1]

Where do you keep it shocker, At home? p-)
Now that would not be very smart.

[wotsnext]

Now that would not be very smart.
True, In the UK we have 17.5% tax on all gold sales......Kind of takes the edge off gold as an investment, Unless its long term.

[shocker1]

My idea is a long term hedge against inflation destroying my IRA. It seems to be working 17.5% tax!!!! Seems government wants you holding pounds and not gold. Only those with lots of money can mute such a tax with creative bookkeeping.

[wotsnext]

I am sure you are right shocker, also the great thing about gold is it has a global value, the pound/dollar could crash, but gold should always hold.

[shocker1]

The dollar has crashed but still working slightly. People say the economy is good look at the stock market. I say good take that investment you made when milk was $1.99 and go buy milk now at $5 per gallon. Yeah you made gains on your dollar but it takes that much and more to buy anything now.

[wotsnext]

Dead right......I am 52, my first full weeks pay was £5, but you could buy a gallon of petrol for 35p.........now its £5 a gallon! a weeks pay in 1972:-(